Canadian Imperial Bank of Commerce Has Lowered Expectations for Precision Drilling (TSE:PD) Stock Price

Precision Drilling (TSE:PD) (NYSE:PDS) had its price objective cut by equities researchers at Canadian Imperial Bank of Commerce from C$160.00 to C$155.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. Canadian Imperial Bank of Commerce’s target price indicates a potential upside of 45.46% from the stock’s current price.

Other equities analysts have also issued reports about the company. BMO Capital Markets raised their price target on Precision Drilling from C$160.00 to C$165.00 in a report on Thursday, April 30th. National Bank Financial raised their price objective on shares of Precision Drilling from C$140.00 to C$150.00 and gave the company a “sector perform” rating in a research report on Friday, May 1st. ATB Cormark Capital Markets lowered their price objective on Precision Drilling from C$175.00 to C$165.00 and set an “outperform” rating on the stock in a research report on Friday, July 10th. Royal Bank Of Canada boosted their price objective on Precision Drilling from C$140.00 to C$150.00 and gave the stock an “outperform” rating in a report on Tuesday, April 14th. Finally, Raymond James Financial upped their target price on shares of Precision Drilling from C$162.00 to C$165.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of C$148.00.

Precision Drilling Stock Performance

Shares of PD traded up C$3.66 on Thursday, reaching C$106.56. 64,852 shares of the company’s stock traded hands, compared to its average volume of 90,711. The stock’s 50 day simple moving average is C$120.11 and its two-hundred day simple moving average is C$121.37. The stock has a market cap of C$1.38 billion, a PE ratio of -102.46, a PEG ratio of -3.24 and a beta of 0.42. Precision Drilling has a 52-week low of C$72.87 and a 52-week high of C$143.81. The company has a current ratio of 1.70, a quick ratio of 1.36 and a debt-to-equity ratio of 45.24.

Precision Drilling (TSE:PD) (NYSE:PDS) last posted its quarterly earnings data on Wednesday, July 29th. The company reported C($0.52) earnings per share for the quarter. The business had revenue of C$452.80 million during the quarter. Precision Drilling had a negative return on equity of 0.94% and a negative net margin of 0.82%.

About Precision Drilling

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha¿ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen¿ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations.