Precision Drilling (NYSE:PDS) to Outperform Peers says Canaccord

Citing its being the most active driller in North America, Canaccord Genuity said Precision Drilling (NYSE:PDS) is positioned to outperform its peers.

Canaccord said, "We think PD is set to outperform its peers as it is the most active driller in North America, has the second highest mix of high-performance rigs (68% of fleet), and looks set for above-average growth in the short term as roughly half its sales come from Canada, which is expected to see significant dayrate and margin improvement this winter as opposed to flattish expectations for the US market. Although overall rig count growth in North America will likely slow, we believe PD will continue to gain market share as its new rigs have the opportunity to displace over 1000 legacy mechanical rigs in North America."

Canaccord maintains a "Buy" rating on Precision Drilling, which closed Friday at $9.09, up by $0.15, or 1.68 percent. Canaccord raised their price target on them to
C$11.