Royal Bank of Canada Cuts Precision Drilling (TSE:PD) Price Target to C$89.00

Precision Drilling (TSE:PD) (NYSE:PDS) had its target price trimmed by Royal Bank of Canada from C$110.00 to C$89.00 in a research note released on Thursday morning,BayStreet.CA reports. The firm currently has an outperform rating on the stock.

A number of other research firms have also commented on PD. Raymond James lowered shares of Precision Drilling from a “strong-buy” rating to an “outperform” rating and reduced their price target for the company from C$141.00 to C$124.00 in a research report on Wednesday, April 9th. CIBC reduced their target price on Precision Drilling from C$115.00 to C$95.00 in a research report on Thursday, April 10th. Finally, TD Securities decreased their target price on Precision Drilling from C$89.00 to C$69.00 and set a “hold” rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Precision Drilling has a consensus rating of “Moderate Buy” and an average target price of C$98.33.

Precision Drilling Price Performance

PD stock opened at C$60.04 on Thursday. The firm has a 50 day moving average of C$66.38 and a 200-day moving average of C$79.73. The company has a current ratio of 1.54, a quick ratio of 1.36 and a debt-to-equity ratio of 51.98. The firm has a market capitalization of C$854.37 million, a P/E ratio of 3.53, a price-to-earnings-growth ratio of -3.24 and a beta of 2.76. Precision Drilling has a 12 month low of C$51.38 and a 12 month high of C$109.20.

Insider Buying and Selling at Precision Drilling

In other Precision Drilling news, Director Carey Thomas Ford sold 5,108 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of C$77.66, for a total value of C$396,686.26. Also, Senior Officer Veronica H. Foley sold 3,393 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of C$77.66, for a total value of C$263,499.70. Company insiders own 2.12% of the company’s stock.

Precision Drilling Company Profile

Precision Drilling Corp is a leader in North American oil and gas services. It is a provider of contract drilling and completion and production services primarily to oil and natural gas exploration and production companies in Canada. Its segments are Contract Drilling Services which is the majority key revenue generator and other segments include Completion and Production Services.