BMO hikes Precision Drilling PT on higher field margins

Precision Drilling(Calgary)

06/01/2023 13:06

** BMO raises PT on Canadian oilfield services (OFS) firm
Precision Drilling Corp  PD.TO  to C$175 from C$155  
    ** Brokerage says PD one of the "best-positioned" Canadian
OFS companies to benefit from strong drilling day rates 
    ** BMO also increases core earnings outlook for PD till 2024
after co said it expects Canadian and U.S. Q4 field margins to
exceed previous guidance and continue trending upward in 2023
    ** PD shares gained on Thursday as co exceeded its debt
reduction goal 
    ** Ten of 12 brokerages rate the stock "buy" or higher and
two "hold"; their median PT is C$145 - Refinitiv
    ** In 2022, stock gained 132.1%
 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))