The stock of Precision Drilling Corporation (TSE:PD) gapped down by $0.06 today and has $6.14 target or 5.00% below today’s $6.46 share price. The 9 months technical chart setup indicates high risk for the $1.88B company. The gap down was reported on Nov, 25 by Barchart.com. If the $6.14 price target is reached, the company will be worth $94.00 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 702,218 shares traded hands. Precision Drilling Corporation (TSE:PD) has risen 16.72% since April 21, 2016 and is uptrending. It has outperformed by 11.31% 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. Precision Drilling Corporation has been the topic of 30 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The firm has “Buy” rating given on Wednesday, November 2 by TD Securities. TD Securities maintained the shares of PD in a report on Tuesday, November 8 with “Buy” rating. Raymond James upgraded it to “Outperform” rating and $6.75 target price in Tuesday, September 8 report. The rating was maintained by Scotia Capital on Friday, July 22 with “Underperform”. As per Monday, October 24, the company rating was maintained by RBC Capital Markets. On Friday, July 22 the stock rating was maintained by RBC Capital Markets with “Outperform”. IBC maintained Precision Drilling Corporation (TSE:PD) rating on Wednesday, August 19. IBC has “Sector Outperform” rating and $11.50 price target.
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 $1.88 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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