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CIBC Reaffirms Their Hold Rating on Precision Drilling (PDS)

CIBC analyst Jamie Kubik maintained a Hold rating on Precision Drilling (PDSResearch Report) today and set a price target of C$70.00. The company’s shares closed last Thursday at $47.92, close to its 52-week high of $50.42.

According to TipRanks.com, Kubik is a 4-star analyst with an average return of 12.1% and a 49.2% success rate. Kubik covers the Utilities sector, focusing on stocks such as Crescent Point Energy, PrairieSky Royalty, and Kelt Exploration.

Precision Drilling has an analyst consensus of Strong Buy, with a price target consensus of $54.45, implying a 16.8% upside from current levels. In a report issued on January 27, Canaccord Genuity also maintained a Hold rating on the stock with a C$60.00 price target.

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Based on Precision Drilling’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $254 million and GAAP net loss of $38.03 million. In comparison, last year the company earned revenue of $165 million and had a GAAP net loss of $28.48 million.

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Precision Drilling Corp. provides onshore drilling, completion, and production services to the oil and natural gas industry. It operates through the following segments: Contract Drilling Services; and Completion and Production Services. The Contract Drilling Services segment includes drilling rig, directional drilling, oilfield supply, and manufacturing divisions. The Completion and Production Services segment involves snubbing, rental, camp and catering, and wastewater treatment divisions. The company was founded on March 25, 1985 and is headquartered in Calgary, Canada.

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