In a new note to investors today, an analyst has provided a rating update for the Materials sector company, Precision Drill (PD). Analyst Ian Gillies from GMP FirstEnergy remains bullish on the stock and has a C$5 price target.
According to TipRanks.com, Gillies has 0 stars on 0-5 star ranking scale with an average return of -11.1% and a 30.6% success rate. Gillies covers the Basic Materials sector, focusing on stocks such as Trican Well Service Ltd, Precision Drilling, and Inter Pipeline Ltd.
Precision Drill has an analyst consensus of Strong Buy, with a price target consensus of C$5.11, representing a 91.7% upside. In a report released yesterday, TD Securities also reiterated a Buy rating on the stock with a C$5 price target.
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Based on Precision Drill’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of C$30.65 million. In comparison, last year the company had a GAAP net loss of C$47.01 million.
Precision Drilling Corp. provides onshore drilling, completion, and production services to the oil and natural gas industry. It operates through the Contract Drilling Services; and Completion and Production Services segments. The Contract Drilling Services segment includes drilling rig, directional drilling, oilfield supply, and manufacturing divisions.
The company’s shares closed on Tuesday at C$2.67, close to its 52-week low of C$2.25.
