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Precision Drilling pops 21% in two days on oil price, free cash flow

  • Precision Drilling (PDS +9.8%) surges 21% in two days on oil price momentum and its Q3 results, which shows the company can generate solid free cash flow, according to analysts.
  • CIBC’s Jon Morrison thinks PDS's stock price move is being driven largely driven by oil price momentum, and sees the 2017 capex cut positively as an early sign that the company is operating with a heightened priority around free cash flow generation and deleveraging its capital structure.
  • RBC's Benjamin Owens thinks investors will continue to focus PDS’s ability to generate free cash flow and reduce debt, and likes the stock as a way to play North American oilfield recovery due to its high-spec rig fleet and broad geographic footprint.
  • Morgan Stanley analyst Ole Slorer says PDS's strong Q3 free cash flow and potential for further de-levering in 2018 could help its outlook despite range-bound activity and pricing within the sector.
  • Source: Bloomberg First Word

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