Raymond James Financial Lowers Precision Drilling (PD) Price Target to C$5.50

Precision Drilling presently has an average rating of "Buy" and an average target price of C$6.20.

Precision Drilling (TSE:PD) (NYSE:PDS) had its price target cut by equities researchers at Raymond James Financial from C$5.75 to C$5.50 in a research report issued on Tuesday. Dimensional Fund Advisors LP increased its holdings in shares of Precision Drilling by 0.4% in the 1st quarter. TD Asset Management Inc. increased its holdings in shares of Precision Drilling by 4.7% in the 2nd quarter.

In related news, Director Kevin A. Neveu acquired 10,000 shares of the company's stock in a transaction dated Monday, August 28th. Institutional investors and hedge funds own 49.27% of the company's stock.

PD has been the subject of a number of recent research reports. Scotiabank downgraded Precision Drilling from a "sector perform" rating to an "underperform" rating in a report on Tuesday, November 7th.

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Precision Drilling Corporation has a consensus outperform rating from 22 Wall Street analysts, and the number of shares now sold short amount to at least 4.02% of shares outstanding. Piper Jaffray Companies set a $4.00 price target on Precision Drilling and gave the company a "buy" rating in a report on Sunday, October 29th. CIBC reduced their price target on shares of Precision Drilling from C$8.00 to C$7.00 in a research report on Friday, October 20th. Wall Street is only getting more bullish on the stock, with 13 of analysts who cover PDS having a buy-equivalent rating.

Shares of Precision Drilling Corp (PDS) traded down $0.10 on Wednesday, reaching $2.79. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Also, the current price highlights a discount of 139.44% to analysts' high consensus price target. 1,242,161 shares of the company were exchanged, compared to its average volume of 1,926,944. The company has a quick ratio of 2.10, a current ratio of 2.22 and a debt-to-equity ratio of 0.96.

Precision Drilling (TSE PD) opened at C$3.37 on Tuesday. The oil and gas company reported ($0.07) EPS for the quarter, topping the Zacks' consensus estimate of ($0.09) by $0.02. Its revenue totaled $323.51 million up 17.42% from the previous quarter.

Precision Drilling Corp (NYSE:PDS) 52-week high price stands at $6.25 and low price stands at $2.26, its price distance from 52-week high is -57.6% while its distance from 52-week low price is 17.45%. The firm's revenue was up 47.2% on a year-over-year basis.

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Currently Precision Drilling Corp (NYSE:PDS)'s shares owned by insiders are 1%, whereas shares owned by institutional owners are 45.9%.

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On the other hand the company has Relative Strength Index (RSI 14) of 45.08 along with Average True Range (ATR 14) of 0.17, Consequently Precision Drilling Corp (NYSE:PDS)'s weekly and monthly volatility is 5.57%, 5.44% respectively. The Company operates through two segments: Contract Drilling Services, and Completion and Production Services.

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The company reported $0.86 earnings per share for the quarter, missing the Zacks' consensus estimate of $0.92 by ($0.06). Sheets Smith Wealth invested in 21,050 shares or 0.3% of the stock. 16,719 were accumulated by James Inv Research.

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