CIBC Issues Pessimistic Forecast for Precision Drilling (TSE:PD) Stock Price

Precision Drilling (TSE:PD) (NYSE:PDS) had its target price decreased by CIBC from C$115.00 to C$95.00 in a research note issued to investors on Thursday morning,BayStreet.CA reports.

A number of other analysts also recently weighed in on PD. Raymond James downgraded 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 report on Wednesday. Royal Bank of Canada reduced their target price on shares of Precision Drilling from C$121.00 to C$110.00 in a research note on Friday, February 14th. Finally, TD Securities decreased their target price on Precision Drilling from C$100.00 to C$89.00 and set a “hold” rating on the stock in a research report on Friday, February 14th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of C$113.71.

Precision Drilling Stock Up 3.4 %

Shares of PD stock opened at C$59.02 on Thursday. The stock has a 50 day moving average of C$68.61 and a 200-day moving average of C$80.76. The firm has a market cap of C$839.86 million, a PE ratio of 3.47, a price-to-earnings-growth ratio of -3.24 and a beta of 2.76. The company has a quick ratio of 1.36, a current ratio of 1.54 and a debt-to-equity ratio of 51.98. Precision Drilling has a 12 month low of C$51.38 and a 12 month high of C$109.20.

Insider Activity

In other Precision Drilling news, Director Carey Thomas Ford sold 5,108 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was 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 Precision Drilling 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$263,499.70. 2.12% of the stock is owned by company insiders.

Precision Drilling Company Profile

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.