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

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Precision Drilling (TSE:PD) (NYSE:PDS) had its target price lowered by stock analysts at Evercore ISI from C$2.00 to C$1.50 in a report released on Wednesday, Stock Target Advisor reports. Evercore ISI’s target price indicates a potential upside of 226.09% from the stock’s previous close.

Several other brokerages have also commented on PD. Canaccord Genuity lowered Precision Drilling from a “buy” rating to a “hold” rating and decreased their price target for the company from C$3.00 to C$1.00 in a research note on Tuesday, March 10th. AltaCorp Capital cut their price target on Precision Drilling from C$1.75 to C$1.10 in a report on Wednesday. Tudor Pickering & Holt restated a “hold” rating on shares of Precision Drilling in a report on Wednesday. Citigroup cut their price target on Precision Drilling from C$0.80 to C$0.50 in a report on Wednesday. Finally, Tudor Pickering reaffirmed a “buy” rating on shares of Precision Drilling in a research report on Tuesday, January 7th. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of C$1.85.

Shares of Precision Drilling stock opened at C$0.46 on Wednesday. Precision Drilling has a 52 week low of C$0.39 and a 52 week high of C$4.05. The business’s fifty day simple moving average is C$1.30 and its 200-day simple moving average is C$1.55. The firm has a market cap of $112.75 million and a PE ratio of 23.00. The company has a quick ratio of 1.48, a current ratio of 1.93 and a debt-to-equity ratio of 97.85.

In other news, Director Allen R. Hagerman bought 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The stock was purchased at an average cost of C$0.58 per share, with a total value of C$29,000.00. Following the transaction, the director now directly owns 74,277 shares in the company, valued at C$43,080.66. Over the last ninety days, insiders have bought 67,500 shares of company stock valued at $40,835.

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.

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Analyst Recommendations for Precision Drilling (TSE:PD)

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