February 12, 2015 / 5:39 PM / 2 years ago

BUZZ-Precision Drilling Corp: Higher Q4 revenue, oil prices prop up stock

1 Min Read

** Canadian drilling contractor's U.S.-listed shares 2.6 pct at $5.81

** Q4 revenue rises 9.1 pct due to higher drilling activity and average dayrates in the start of the quarter

** "The decrease (in drilling activity) really didn't start to happen till about November-December," Cormark Securities analyst Jason Zhang says

** A near 3.7 pct rise in crude oil prices, which arrested a two-session losing streak, also propped up energy stocks

** Through Wednesday, Precision's U.S.-listed shares have fallen nearly 60 pct, while oil prices halve roughly halved

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