CIBC raises PT on Precision Drilling, shares rise

Precision Drilling(Calgary)

31/10/2022 17:22

** Shares of Precision Drilling Corp  PD.TO  up 2.51% at
C$100
    ** CIBC raises PT on co to C$125 from C$115 and maintains
"neutral" rating
    ** Brokerage says PD's Q3 demonstrated margin tailwinds
underway, which should be supportive for earnings potential
through Q4 and into 2023
    ** PD's management will look to direct free cash flow
towards the balance sheet in the coming 12-18 months, with
potential for increasing shareholder returns once debt targets
are achieved - Brokerage 
    ** At least five other brokerages have raised PT on PD
    ** Nine of 11 brokerages rate the stock "buy" or higher and
two "hold"; their median PT is $138.5 - Refinitiv 
    ** So far this year, PD shares gain ~124%
 (Reporting by Ankit Kumar in Bengaluru)
 ((Ankit.Kumar2@thomsonreuters.com))