After Today’s Gap Up, Is Precision Drilling Corporation’s Near-Term Analysis Positive

 After Today's Gap Up, Is Precision Drilling Corporation's Near Term Analysis Positive

The stock of Precision Drilling Corporation (TSE:PD) gapped up by $0.06 today and has $8.11 target or 21.00% above today’s $6.70 share price. The 7 months technical chart setup indicates low risk for the $1.97 billion company. The gap was reported on Nov, 21 by Barchart.com. If the $8.11 price target is reached, the company will be worth $413.70M 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 1.41M shares traded hands. Precision Drilling Corporation (TSE:PD) has risen 5.52% since April 15, 2016 and is uptrending. It has outperformed by 1.66% 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 -5.37% below today’s ($6.7) 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. On Monday, October 24 the stock rating was maintained by RBC Capital Markets with “Outperform”. The rating was maintained by TD Securities on Tuesday, November 8 with “Buy”. The stock has “Outperform” rating given by Raymond James on Tuesday, September 8. As per Friday, July 22, the company rating was maintained by RBC Capital Markets. The stock has “Underperform” rating given by Scotia Capital on Friday, July 22. TD Securities maintained it with “Buy” rating and $8 target price in Wednesday, November 2 report.

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 $1.97 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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