Triangle Petroleum Shares Down 4.7% After Insider Selling (TPLM)
Triangle Petroleum (NASDAQ:TPLM) dropped 4.7% during trading on Thursday following insider selling activity, ARN reports. The company traded as low as $11.21 and last traded at $11.27, with a volume of 1,168,285 shares trading hands. The stock had previously closed at $11.83.
Specifically, Director Peter J. Hill sold 10,000 shares of the company’s stock on the open market in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $11.85, for a total transaction of $118,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
A number of research firms have recently commented on TPLM. Analysts at Howard Weil raised their price target on shares of Triangle Petroleum from $11.00 to $15.00 in a research note on Thursday, June 19th. They now have a “sector outperform” rating on the stock. Separately, analysts at Canaccord Genuity reiterated a “buy” rating on shares of Triangle Petroleum in a research note on Wednesday, June 11th. They now have a $13.00 price target on the stock, up previously from $12.00. Finally, analysts at Wunderlich raised their price target on shares of Triangle Petroleum from $12.00 to $14.00 in a research note on Wednesday, June 11th. They now have a “buy” rating on the stock. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $12.63.
The stock has a 50-day moving average of $11.37 and a 200-day moving average of $10.05. The company has a market cap of $972.5 million and a P/E ratio of 13.20.
Triangle Petroleum Corporation (NASDAQ:TPLM) is an exploration and production company ,which is focused on the development of unconventional shale oil and natural gas resources in the Bakken Shale and Three Forks formations in the Williston Basin of North Dakota and Montana.
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