CIBC Capital Markets raised its price target on Precision Drilling Corp. (PD.TO) to $100 from $95.
Analyst Jamie Kubik maintained an Outperformer rating on shares of the Canadian drilling rig contractor following its quarterly results on Tuesday.
"Precision reported adjusted EBITDA that was ahead of expectations," Kubik said in a note to clients. "Robust Canadian margins (driven by customer-funded rig upgrades) came in above our expectations."
"While Canadian rig activity has been slower to recover through Q3 than last year, Precision indicated that activity levels in dry-gas producing basins in the US are expected to increase in H2/25," the analyst said.
"The company also increased its 2025 capex guidance to fund 22 Super Series rig upgrades, which we take as a good signal."
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