Jefferies Assumes Coverage on Precision Drilling (PDS) at Buy; Being the Leader in Canada

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Jefferies assumes coverage on Precision Drilling (NYSE: PDS) with a Buy. PT $11.00.

"PDS investment thesis positives include (1) its leadership position in Canada, which afford it leading margins there and we are optimistic regarding sustained strength in this ‚basin‛ over time; (2) a successfully refurbished its fleet in NAM to now 83% Tier I and II rigs, which gives it a very competitive position in the U.S.; (3) a low cost position in NAM that allows it to continue to be aggressive in terms of newbuilds; and (4) growth potential in its directional drilling and completion service initiatives as well as gradually from non-NAM rig placements."

For an analyst ratings summary and ratings history on Precision Drilling click here. For more ratings news on Precision Drilling click here.

Shares of Precision Drilling closed at $8.69 yesterday, with a 52 week range of $5.82-$12.93.

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