CIBC Cuts Precision Drilling (TSE:PD) Price Target to C$4.50

Precision Drilling (TSE:PD) (NYSE:PDS) had its price target cut by CIBC from C$4.75 to C$4.50 in a research report report published on Thursday, BayStreet.CA reports.

Other equities analysts have also issued reports about the stock. AltaCorp Capital reiterated a sector perform rating on shares of STEP Energy Services in a report on Thursday, June 20th. Evercore ISI boosted their target price on shares of Precision Drilling from C$4.00 to C$5.00 in a report on Friday, April 26th. Citigroup set a $86.00 target price on shares of Prologis and gave the company a buy rating in a report on Thursday, June 6th. Canaccord Genuity reiterated a buy rating and issued a $7.50 target price on shares of in a report on Tuesday, July 9th. Finally, Evercore boosted their target price on shares of Precision Drilling from C$4.00 to C$5.00 in a report on Friday, April 26th. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of C$4.98.

TSE:PD opened at C$2.22 on Thursday. The company has a quick ratio of 1.86, a current ratio of 2.11 and a debt-to-equity ratio of 109.07. The firm has a market cap of $652.20 million and a price-to-earnings ratio of -2.59. The company has a 50-day moving average price of C$2.39. Precision Drilling has a 1-year low of C$2.12 and a 1-year high of C$5.33.

In related news, Director Carey Thomas Ford acquired 15,120 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were purchased at an average cost of C$2.45 per share, for a total transaction of C$37,114.64. Following the acquisition, the director now owns 147,240 shares in the company, valued at approximately C$361,425.91. Also, Director Kevin A. Neveu acquired 30,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was bought at an average price of C$2.44 per share, for a total transaction of C$73,260.00. Following the completion of the acquisition, the director now owns 1,009,024 shares in the company, valued at approximately C$2,464,036.61.

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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