Cowen maintained an Outperform rating on Precision Drilling (NYSE: PDS), and cut the price target to $6.50 (from $8.00), following 2Q. Analyst Marc Bianchi continues to view the stock as an attractive way to gain exposure to global unconventional energy development.

Bianchi commented, "PD has differentiated exposure to areas we see offering potential outside of the highly commodity sensitive U.S. cycle. Canadian LNG potential, while moving at a slower pace is still on the horizon and Precision is benefiting, evidenced by a newbuild announcement this quarter. The weaker Canadian currency has also improved economics for Canadian E&Ps. Internationally, PD is tracking a number of opportunities and sounded optimistic something would convert sooner than later. In the U.S., while a recovery is likely slow, the company sees some opportunity to reactivate rigs in the back half of the year. With covenant relief through 2016, and enough cash generation to more than fund the dividend, we continue to see Precision as an interesting way to gain exposure to global unconventional energy development. We lower our U.S. price target to $6.50 from $8.00, which equates to 9.0x our 2016 EBITDA estimate and reiterate our Outperform rating."

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Shares of Precision Drilling closed at $5.08 yesterday.