Brokers Issue Forecasts for Precision Drilling Co.’s FY2017 Earnings (PD)
Precision Drilling Co. (TSE:PD) (NYSE:PDS) – Analysts at Cormark lifted their FY2017 earnings estimates for shares of Precision Drilling in a note issued to investors on Monday. Cormark analyst J. Zhang now anticipates that the company will post earnings per share of ($0.38) for the year, up from their previous forecast of ($0.39). Cormark also issued estimates for Precision Drilling’s Q4 2017 earnings at ($0.08) EPS, Q1 2018 earnings at ($0.03) EPS, Q3 2018 earnings at ($0.04) EPS and FY2018 earnings at ($0.18) EPS.
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A number of other analysts have also weighed in on PD. Canaccord Genuity cut their price objective on Precision Drilling from C$6.50 to C$4.75 in a research report on Tuesday, July 11th. CIBC upped their price objective on Precision Drilling from C$8.00 to C$11.00 in a research report on Thursday, July 20th. BMO Capital Markets cut their price objective on Precision Drilling from C$9.00 to C$6.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 1st. Raymond James Financial, Inc. lowered their target price on shares of Precision Drilling from C$6.50 to C$5.75 and set a “speculative buy” rating for the company in a research note on Tuesday, August 22nd. Finally, TD Securities reiterated a “buy” rating and set a C$6.00 target price on shares of Precision Drilling in a research note on Tuesday, September 12th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of C$6.50.
Precision Drilling (TSE PD) opened at 3.87 on Wednesday. The stock has a 50 day moving average of $3.46 and a 200-day moving average of $4.12. The stock’s market cap is $1.13 billion. Precision Drilling has a 52 week low of $2.89 and a 52 week high of $8.21.
In other news, Director Kevin A. Neveu purchased 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was purchased at an average cost of C$3.13 per share, with a total value of C$31,300.00.
About Precision Drilling
Precision Drilling Corporation (Precision) is an oilfield services company. The Company provides onshore drilling and completion and production services to exploration and production companies in the oil and natural gas industry. The Company operates through two segments: Contract Drilling Services, and Completion and Production Services.
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