BUZZ-Precision Drilling Corp: Best day in over a month

Tue May 31, 2016 11:41am EDT
 
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** Canadian contract driller's U.S.-listed shares up 5.2 pct at $4.67; Toronto-traded stock up 6.8 pct at C$6.13

** U.S. stock rises as much as 10.1 pct, biggest pct gain in over a month

** Raymond James raises rating to "market perform" from "under perform" and PT to C$6.10 from C$4.25

** Brokerage expects drilling dayrates to accelerate by late 2017 to early 2018

** "Precision screens as though it is pricing-in its upside potential more effectively today," Raymond James analysts write

** Company has the most "high-spec" rig capacity to benefit most in a recovery - the analysts say

** 9 of 15 brokerages rate stock "buy" or higher, 4 "hold" and 2 "sell" or lower; median PT C$7

** Up to Friday's close, U.S.-listed stock had lost more than a third of its value in past 12 months