Canaccord Genuity Reiterates a 'Buy' on Precision Drilling (PDS); Higher Activity and Utilization Increases Our Expectations
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Price: $91.69 +2.88%
Rating Summary:
11 Buy, 9 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
11 Buy, 9 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity reiterates a 'Buy' on Precision Drilling (NYSE: PDS), raises PT to $C$17.
Canaccord analyst says, "PD saw its highest utilization level in Canada since 2006 and continued strong demand for its drilling rigs in the US as the high performance rig market remains tight. PD remains well positioned with 70% of its rig fleet drilling for oil and liquids-rich gas, over 80% drilling horizontally or directionally, construction of 12 new builds for 2011, and its recent expansion of its directional drilling offering...We have growing conviction in higher rig count levels in 2011 due to increasing oil directed activity and recent M&A transactions in the sector. We think PD is well positioned to benefit from this growth being the most active driller in NA. We are thereby increasing our 2011E EPS to $0.85 and our 2012 estimate to $1.00."
For more ratings news on Precision Drilling click here and for the rating history of Precision Drilling click here.
Shares of Precision Drilling closed at $15.28 yesterday.
Canaccord analyst says, "PD saw its highest utilization level in Canada since 2006 and continued strong demand for its drilling rigs in the US as the high performance rig market remains tight. PD remains well positioned with 70% of its rig fleet drilling for oil and liquids-rich gas, over 80% drilling horizontally or directionally, construction of 12 new builds for 2011, and its recent expansion of its directional drilling offering...We have growing conviction in higher rig count levels in 2011 due to increasing oil directed activity and recent M&A transactions in the sector. We think PD is well positioned to benefit from this growth being the most active driller in NA. We are thereby increasing our 2011E EPS to $0.85 and our 2012 estimate to $1.00."
For more ratings news on Precision Drilling click here and for the rating history of Precision Drilling click here.
Shares of Precision Drilling closed at $15.28 yesterday.
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