Precision Drilling Co. (PD) Trading 4.7% Higher
Precision Drilling Co. (TSE:PD) (NYSE:PDS)’s share price traded up 4.7% during mid-day trading on Wednesday . The company traded as high as C$3.37 and last traded at C$3.36. 4,050,720 shares traded hands during mid-day trading, an increase of 145% from the average session volume of 1,652,640 shares. The stock had previously closed at C$3.21.
PD has been the subject of several analyst reports. CIBC increased their target price on Precision Drilling from C$8.00 to C$11.00 in a report on Thursday, July 20th. BMO Capital Markets dropped their target price on Precision Drilling from C$9.00 to C$6.00 and set an “outperform” rating for the company in a report on Tuesday, August 1st. Canaccord Genuity dropped their target price on Precision Drilling from C$4.75 to C$4.25 in a report on Wednesday, August 2nd. Finally, Raymond James Financial, Inc. dropped their target price on Precision Drilling from C$6.50 to C$5.75 and set a “speculative buy” rating for the company in a report on Tuesday, August 22nd. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Precision Drilling currently has a consensus rating of “Buy” and an average price target of C$8.05.
The firm has a 50 day moving average of $3.55 and a 200-day moving average of $4.95. The firm’s market capitalization is $1.02 billion.
In other news, Director Steven Wayne Krablin purchased 10,000 shares of the stock in a transaction that occurred on Friday, August 18th. The stock was purchased at an average price of C$2.63 per share, for a total transaction of C$26,300.00. Also, Director Brian James Gibson purchased 35,000 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was purchased at an average price of C$3.58 per share, with a total value of C$125,300.00. Insiders have acquired 55,000 shares of company stock valued at $182,900 in the last 90 days.
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About Precision Drilling
Precision Drilling Corporation provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.
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