Dahlman Rose Starts Precision Drilling (PDS) at Buy; Major Beneficiary of Horizontal Drilling Growth in North America

Dahlman Rose initiates coverage on Precision Drilling (NYSE: PDS) with a Buy. PT $14.00.

Dahlman analyst says, "We believe that horizontal drilling in unconventional plays is poised for a multi-year expansion in North America. This will primarily be felt in US oil-prone or liquids-rich basins such as the Eagle Ford, Bakken, and the Permian, but will ultimately spread to the natural gas basins and become more widespread in Canada in the years ahead. As the leader in Canada with the types of rigs that can benefit from this and a major factor in the US market, we consider Precision to be a major beneficiary of this trend."

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 $10.83 yesterday.

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