Shares of Precision Drilling Co. (TSE:PD) (NYSE:PDS) dropped 3.3% on Tuesday . The stock traded as low as C$3.87 and last traded at C$3.87. Approximately 1,678,850 shares were traded during mid-day trading, a decline of 13% from the average daily volume of 1,928,363 shares. The stock had previously closed at C$4.00.
PD has been the subject of several research analyst reports. CIBC upped their price objective on Precision Drilling from C$8.00 to C$11.00 in a report on Thursday, July 20th. BMO Capital Markets cut their price objective on Precision Drilling from C$9.00 to C$6.00 and set an “outperform” rating for the company in a report on Tuesday, August 1st. Canaccord Genuity cut their price objective on Precision Drilling from C$4.75 to C$4.25 in a report on Wednesday, August 2nd. Raymond James Financial, Inc. cut their price objective on Precision Drilling from C$6.50 to C$5.75 and set a “speculative buy” rating for the company in a report on Tuesday, August 22nd. Finally, TD Securities restated a “buy” rating and issued a C$6.00 price objective on shares of Precision Drilling in a report on Tuesday, September 12th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of C$6.25.
In other Precision Drilling news, Director Steven Wayne Krablin acquired 10,000 shares of Precision Drilling stock in a transaction that occurred on Friday, August 18th. The stock was purchased at an average cost of C$2.63 per share, with a total value of C$26,300.00.
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About Precision Drilling
Precision Drilling Corporation (Precision) is an oilfield services company. The Company provides onshore drilling and completion and production services to exploration and production companies in the oil and natural gas industry. The Company operates through two segments: Contract Drilling Services, and Completion and Production Services.
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