January 30, 2019 / 4:37 PM / 6 months ago

BUZZ-Precision Drilling: Jumps on debt repayment target

** Shares of Canadian oilfield services provider rise 12 pct to C$2.75 on debt repayment plan, capex target

** Sets 2019 debt repayment target at C$100 mln to C$150 mln, which is expected to be funded from free cash flow

** 2019 debt repayment guidance shines bright light on free cashflow potential - brokerage Raymond James

** Plans to spend C$169 mln this year, up from ~ C$126 mln in 2018, which was also C$9 mln lower than initial forecasts

** “It’s important to remember that rig count and demand growth will drive this portion of PD’s spend - they are not set in stone,” Raymond James analysts

** Stock down 42.3 pct in the past 12 months (Reporting By Arundhati Sarkar in Bengaluru)

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