Precision Drilling Co. (PD) Shares Up 5.5%
Precision Drilling Co. (TSE:PD) (NYSE:PDS) shot up 5.5% on Wednesday . The stock traded as high as C$3.68 and last traded at C$3.66. 4,730,754 shares were traded during trading, an increase of 135% from the average session volume of 2,011,340 shares. The stock had previously closed at C$3.47.
Several brokerages recently weighed in on PD. CIBC upped their target price on shares of Precision Drilling from C$8.00 to C$11.00 in a research note on Thursday, July 20th. BMO Capital Markets dropped their price objective on shares of 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. Canaccord Genuity dropped their price objective on shares of Precision Drilling from C$4.75 to C$4.25 in a research report on Wednesday, August 2nd. TD Securities reissued a “buy” rating and issued a C$6.00 price objective on shares of Precision Drilling in a research report on Tuesday, September 12th. Finally, Raymond James Financial, Inc. dropped their price objective on shares of Precision Drilling from C$6.50 to C$5.75 and set a “speculative buy” rating on the stock in a research report on Tuesday, August 22nd. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Precision Drilling presently has a consensus rating of “Buy” and a consensus target price of C$7.73.
The stock’s market cap is $1.07 billion. The company’s 50 day moving average price is $3.42 and its 200 day moving average price is $4.72.
In related news, Director Brian James Gibson purchased 35,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was acquired at an average price of C$3.58 per share, for a total transaction of C$125,300.00. Also, Director Steven Wayne Krablin purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 18th. The stock was bought at an average price of C$2.63 per share, with a total value of C$26,300.00. Insiders have bought 55,000 shares of company stock worth $182,900 in the last quarter.
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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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