Evercore Lowers Precision Drilling (TSE:PD) Price Target to C$1.50

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Precision Drilling (TSE:PD) (NYSE:PDS) had its target price cut by investment analysts at Evercore from C$2.00 to C$1.50 in a research note issued to investors on Wednesday, BayStreet.CA reports. Evercore’s price target points to a potential upside of 226.09% from the stock’s current price.

Several other analysts have also weighed in on PD. National Bank Financial decreased their price target on Precision Drilling from C$2.50 to C$1.50 and set an “outperform” rating on the stock in a report on Tuesday. Tudor Pickering restated a “buy” rating on shares of Precision Drilling in a report on Tuesday, January 7th. Canaccord Genuity lowered Precision Drilling from a “buy” rating to a “hold” rating and reduced their target price for the stock from C$3.00 to C$1.00 in a research note on Tuesday, March 10th. BMO Capital Markets increased their target price on Precision Drilling from C$2.50 to C$3.00 in a research note on Friday, February 14th. Finally, Royal Bank of Canada reduced their target price on Precision Drilling from C$4.00 to C$1.50 in a research note on Monday, March 16th. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of C$1.85.

TSE:PD opened at C$0.46 on Wednesday. The stock’s fifty day moving average is C$1.30 and its 200 day moving average is C$1.55. Precision Drilling has a fifty-two week low of C$0.39 and a fifty-two week high of C$4.05. The firm has a market capitalization of $112.75 million and a PE ratio of 23.00. The company has a debt-to-equity ratio of 97.85, a quick ratio of 1.48 and a current ratio of 1.93.

In other news, Director Allen R. Hagerman purchased 50,000 shares of the company’s stock in a transaction dated Thursday, March 12th. The shares were acquired at an average price of C$0.58 per share, with a total value of C$29,000.00. Following the transaction, the director now owns 74,277 shares of the company’s stock, valued at C$43,080.66. Insiders have bought a total of 67,500 shares of company stock worth $40,835 in the last three months.

Precision Drilling Company Profile

Precision Drilling Corporation, an oilfield services company, provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.

Further Reading: Stochastic Momentum Index (SMI)

Analyst Recommendations for Precision Drilling (TSE:PD)

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