Piper Sandler Analyst Raises Price Target on Precision Drilling by 24.7%

Piper Sandler analyst Luke Lemoine raised their price target on Precision Drilling (NYSE: PDS) by 24.7% from $81 to $101 on 2024/05/06. The analyst maintained their Strong Buy rating on the stock.

In addition to the update on Precision Drilling, Lemoine made several changes to other names in their portfolio. They lowered their price target on Oil States International Inc by -6.3% to $7.5, while maintaining a Hold rating. Patterson Uti Energy Inc also saw a decrease in its price target, down by -17.6% to $14, but Lemoine maintained a Strong Buy rating for the stock.

On the positive side, Lemoine raised their price target on Technipfmc PLC by 13.3% to $34, and maintained their Strong Buy rating. However, Tenaris Sa experienced a decrease in its price target by -12.2% to $43, while still maintaining a Strong Buy rating.

It's worth noting that Precision Drilling has received positive ratings from analysts, with 100% of top-rated analysts currently rating it as a Strong Buy or Buy. No analysts see it as a Hold, and there are no recommendations to sell the stock.

Looking ahead, analysts are forecasting that Precision Drilling's upcoming year will deliver earnings per share (EPS) of $14.25. If these forecasts are accurate, it would represent a 19% increase on a year-over-year basis.

From a broader perspective, the stock has performed well over the past year, with a 50% increase. This outpaces the S&P 500, which has seen a 25.2% increase during the same period.

Piper Sandler analyst Luke Lemoine has established themselves as a reputable voice in the industry. Ranked in the top 14% out of 4,575 Wall Street analysts by WallStreetZen, Lemoine boasts an average return of 13.1% and a 58.7% win rate. Their expertise lies in the Industrials, Basic Materials, and Energy sectors.

Precision Drilling Corporation, headquartered in Calgary, Alberta, Canada, offers onshore drilling and production services to exploration and production companies in the oil and natural gas sector. Their services include contract drilling, well servicing, directional drilling, land drilling, and camp and catering services. The company is also involved in the manufacturing and refurbishment of drilling and service rig equipment. Established in 1951, Precision Drilling has a long-standing presence in the industry.

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