Precision Drilling Corporation Can’t Be More Safe. Trades Significantly Higher After A Gap Up

 Precision Drilling Corporation Can't Be More Safe. Trades Significantly Higher After A Gap Up

The stock of Precision Drilling Corporation (TSE:PD) gapped up by $0.05 today and has $9.97 target or 55.00% above today’s $6.43 share price. The 9 months technical chart setup indicates low risk for the $1.94B company. The gap was reported on Nov, 15 by Barchart.com. If the $9.97 price target is reached, the company will be worth $1.07 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 1.66 million shares traded hands. Precision Drilling Corporation (TSE:PD) has risen 2.25% since April 11, 2016 and is uptrending. It has underperformed by 1.68% the S&P500.

Precision Drilling Corporation (TSE:PD) Ratings Coverage

Out of 8 analysts covering Precision Drilling Corporation (TSE:PD), 5 rate it a “Buy”, 1 “Sell”, while 2 “Hold”. This means 63% are positive. $11.50 is the highest target while $3 is the lowest. The $6.34 average target is -1.40% below today’s ($6.43) stock price. Precision Drilling Corporation has been the topic of 30 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock of Precision Drilling Corporation (TSE:PD) earned “Sector Outperform” rating by IBC on Wednesday, August 19. TD Securities maintained Precision Drilling Corporation (TSE:PD) on Wednesday, November 2 with “Buy” rating. RBC Capital Markets maintained it with “Outperform” rating and $8 target price in Monday, October 24 report. The company was maintained on Friday, July 22 by RBC Capital Markets. The company was maintained on Friday, July 22 by Scotia Capital. The firm earned “Outperform” rating on Tuesday, September 8 by Raymond James. The stock has “Buy” rating given by TD Securities on Tuesday, November 8.

Another recent and important Precision Drilling Corporation (TSE:PD) news was published by Marketwired.com which published an article titled: “Precision Drilling Corporation Announces Pricing Details of Redemption of 2019 …” on November 08, 2016.

Precision Drilling Corporation provides contract drilling, and completion and production services primarily to oil and natural gas exploration and production companies in Canada, the United States and certain international locations. The company has a market cap of $1.94 billion. It operates through two divisions: Contract Drilling Services, and Completion and Production Services. It currently has negative earnings. The Contract Drilling Services segment includes Drilling rig activities in Canada, the United States and international, and Directional drilling activities in Canada and the United States.

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