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PDS

Precision Drilling

$1.10

(0.00%)

06:05
08/19/19
08/19
06:05
08/19/19
06:05

Precision Drilling sees FY20 CapEx C$60M-C$80M

Precision's preliminary guidance for 2020 includes: projected capital expenditure range of C$60M-C$80 and targeted debt reduction range of C$100M-C$150M. The preliminary 2020 capital expenditure plan is based on current activity levels and market conditions, allowing for cash generation flexibility in what remains a volatile commodity environment. The year-over-year decrease is largely due to our 2019 Kuwait new build rig deployed on July 1. Regarding Precision's targeted debt reduction range, the company plans to utilize anticipated cash flow to fully retire its 2021 notes by the end of next year. Precision's CEO, Kevin Neveu stated: "Precision's proven free cash flow generation ability has allowed the company to accelerate debt reduction while funding the most attractive contracted investments. We believe this NCIB represents another tool for Precision to enhance the value of our underlying shares and may be particularly effective in the current depressed share price environment, while we continue to achieve our strategic priorities. We remain firmly committed to our deleveraging strategy and are reaffirming our recently increased 2019 debt reduction target of C$200 million and or our long-term targeted range of C$400 million to C$600 million by the end of 2021."

PDS Precision Drilling
$1.10

(0.00%)

01/30/19
RAJA
01/30/19
UPGRADE
Target $5
RAJA
Strong Buy
Precision Drilling upgraded to Strong Buy from Outperform at Raymond James
03/15/19
JEFF
03/15/19
DOWNGRADE
JEFF
Hold
Precision Drilling downgraded to Hold from Buy at Jefferies
Jefferies analyst Brad Handler downgraded Precision Drilling to Hold from Buy.
03/15/19
JEFF
03/15/19
NO CHANGE
JEFF
Jefferies downgrades three, upgrades three in Oil Services & Equipment
Jefferies analyst Brad Handler made a handful of rating changes in Oil Services & Equipment. "The harder we look at OFS, the more modest the growth prospects seem," Handler tells investors in a research note. This supports a neutral sector view and favors stock picking, adds the analyst. He downgraded Schlumberger (SLB) to Hold from Buy following the stock's recovery as well as both Helmerich & Payne (HP) and Precision Drilling (PDS) to Hold from Buy on a flat U.S. rig count outlook. Handler also upgraded Oceaneering International (OII) to Buy from Hold citing more confidence in deepwater and a "reasonable" valuation, upgraded Keane Group (FRAC) to Buy from Hold on easing pricing pressure and optionality to put fleets back to work, and upgraded Superior Energy Services to Hold from Underperform. Handler's top picks are Baker Hughes (BHGE), Patterson-UTI (PTEN) and Keane Group. The latter two replace Helmerich & Payne and Apergy (APY).
08/02/19
JEFF
08/02/19
DOWNGRADE
Target $11.5
JEFF
Hold
Patterson-UTI downgraded to Hold from Buy at Jefferies
Jefferies analyst Brad Handler downgraded Patterson-UTI Energy (PTEN) to Hold from Buy and lowered his price target for the shares to $11.50 from $14.50. Pricing declines loom for the high end of the contract drilling market as utilization falls to around 85% by the end of 2019, Handler tells investors in a research note. The "dirty secret" is that "Super-Spec" supply is still rising, adds the analyst. He reduced his 2020 EBITDA estimates by an average of 17% for Patterson-UTI, Nabors Industries (NBR), Helmerich & Payne (HP) and Precision Drilling (PDS), and is now near the low end of consensus.

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