Precision Drilling Upgraded to “Buy” at Jefferies Group (PDS)
Precision Drilling (NYSE:PDS) was upgraded by analysts at Jefferies Group from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, TheFlyOnTheWall.com reports. The firm currently has a $11.00 price objective on the stock. Jefferies Group’s price objective points to a potential upside of 25.71% from the company’s current price.
The analysts wrote, “We believe recent pullback in PDS shares presents an attractive buying opportunity. The decline (before yesterday) likely reflects deflating Canadian LNG-driven expectations (amount and timing) to more realistic levels. Meanwhile, U.S. drilling share gains impress and we have confidence in International drilling and U.S. C&P traction. We expect next week’s ’14 capex announcement includes additional newbuild awards. Maintain $11 PT; upgrade to BUY rating.”
PDS has been the subject of a number of other recent research reports. Analysts at RBC Capital reiterated an “outperform” rating on shares of Precision Drilling in a research note to investors on Thursday. Separately, analysts at Cowen and Company raised their price target on shares of Precision Drilling from C$12.00 to C$13.00 in a research note to investors on Monday, October 28th. They now have an “outperform” rating on the stock. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $11.77.
Shares of Precision Drilling (NYSE:PDS) traded up 3.43% on Friday, hitting $9.05. 1,309,641 shares of the company’s stock traded hands. Precision Drilling has a 52-week low of $7.29 and a 52-week high of $11.21. The stock has a 50-day moving average of $10.00 and a 200-day moving average of $9.73. The company has a market cap of $2.506 billion and a P/E ratio of 416.67.
Precision Drilling (NYSE:PDS) last posted its quarterly earnings results on Thursday, October 24th. The company reported $0.10 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.17 by $0.07. The company had revenue of $488.45 million for the quarter, compared to the consensus estimate of $508.26 million. During the same quarter last year, the company posted $0.14 earnings per share. Precision Drilling’s revenue was up .8% compared to the same quarter last year. Analysts expect that Precision Drilling will post $0.61 EPS for the current fiscal year.
Precision Drilling Corporation (NYSE:PDS) is a provider of contract drilling and completion and production services primarily to oil and natural gas exploration and production companies in Canada and the United States.
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