The Globe and Mail reports in its Tuesday, Sept. 24, edition that ATB Capital Markets analyst Waqar Syed has reaffirmed his "outperform" recommendation for Precision Drilling. The Globe's David Leeder writes that Mr. Syed gave his share target a $10 trim to $113. Analysts on average target the shares at $133.48. Mr. Syed says in a note: "{Precision Drilling] stock has outperformed its peers year-to-date and we maintain our positive outlook, despite the price target reduction. [Precision Drilling] has a robust FCF, high levels of debt paydown, and rising cash return to shareholders. We estimate FCF yield on market capitalization of 21 per cent for 2024 and 19 per cent for 2025. The company has plans to reduce debt by $150-million to $200-million in 2024 and to allocate 25 per cent to 35 per cent of FCF before debt repayments to share repurchases. We expect the company to further raise its shareholder capital allocation, likely reaching 50 per cent of FCF target in 2025. [Precision Drilling] is likely to initiate a dividend in 2025 as well. We expect [Precision Drilling] to achieve under-one times net debt/EBITDA ratio by mid-year 2025, and at that stage the company may increase it shareholder capital allocation further."