September 5, 2018 / 5:54 PM / 3 months ago

BUZZ-Precision Drilling Corp: Down on rating cut

** Canadian oilfield services provider’s U.S.-listed shares down 6.5 pct at $3.59

** TD Securities cuts rating to “buy” from “action list buy”; says co’s valuation discount has narrowed materially compared to peers

** However, brokerage raises co’s Canadian stock’s PT to C$7.50 from C$7.00

** Brokerage’s “action list buy” represents expected returns of >15 pct, while “buy” represents expected returns of >10 pct over 12 months

** 12 of 13 brokerages rate the stock “buy” or higher, 1 “hold”; their median PT is $6.56

** Up to Tuesday’s close, co’s stock had risen nearly 40.7 pct since brokerage initiated coverage last September; Peer Halliburton’s stock has fallen 2.8 pct and Schlumberger dropped 5.9 pct during the same period (Reporting by Debroop Roy in Bengaluru)

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