Precision Drilling price target raised to C$125 from C$118 at RBC Capital

RBC Capital analyst Kurt Hallead raised the firm’s price target on Precision Drilling to C$125 from C$118 and keeps an Outperform rating on the shares. The company’s cash and stock acquisition of CWC Energy Service is earnings accretive and a step toward achieving its current strategy as opposed to a pivot, the analyst tells investors in a research note. There is room for modest multiple expansion from current levels as Precision Drilling’s balance sheet improves and its internationally diversified business provides growth optionality, the firm added.