Why Precision Drilling (PDS) Stock Is Jumping This Morning

NEW YORK (TheStreet) -- Shares of Precision Drilling Corp. (PDS) are higher by 4.40% to $13.99 in pre-market trading on Wednesday after the company announced a strategic technology service agreement and marketing alliance with Schlumberger  (SLB).

Precision Drilling, a contract drilling company, said it entered into the agreement with the leading provider of oilfield services to further the company's High Performance, High Value strategy, while continuing to expand its integrated directional drilling services.

Additionally, Precision Drilling was upgraded to "buy" from "hold" at Deutsche Bank (DB) today, as the firm feels the industry has "considerable upside potential."

Must Read: Warren Buffett's 25 Favorite Stocks


Separately, TheStreet Ratings team rates PRECISION DRILLING CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate PRECISION DRILLING CORP (PDS) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, good cash flow from operations, growth in earnings per share and expanding profit margins. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."

If you liked this article you might like

Precision Drilling (PDS) Stock Rises on Q3 Results

Analysts' Actions -- Biogen, Gilead, CBS, VF Corp. and More

Precision Drilling (PDS) Is Strong On High Volume Today