Trinidad Drilling (TSE:TDG) was downgraded by research analysts at GMP Securities from a “buy” rating to a “hold” rating in a research note issued on Thursday. They presently have a C$2.00 price objective on the stock, down from their prior price objective of C$2.50. GMP Securities’ price objective would indicate a potential upside of 37.93% from the stock’s previous close.
Several other analysts have also recently weighed in on TDG. National Bank Financial upgraded Trinidad Drilling from a “sector perform” rating to an “outperform” rating and set a C$2.20 price target on the stock in a report on Wednesday. Raymond James boosted their price target on Trinidad Drilling from C$2.75 to C$3.00 and gave the stock an “outperform” rating in a report on Friday, June 29th. Finally, Canaccord Genuity upgraded Trinidad Drilling from a “hold” rating to a “buy” rating and reduced their price target for the stock from C$2.10 to C$2.00 in a report on Wednesday. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of C$2.41.
Shares of TSE:TDG traded up C$0.01 during midday trading on Thursday, hitting C$1.45. 538,117 shares of the stock were exchanged, compared to its average volume of 622,708. Trinidad Drilling has a 12 month low of C$1.33 and a 12 month high of C$2.11.
Trinidad Drilling (TSE:TDG) last released its quarterly earnings results on Monday, May 7th. The company reported C($0.08) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of C($0.07) by C($0.01). The firm had revenue of C$153.25 million for the quarter, compared to the consensus estimate of C$153.93 million. Trinidad Drilling had a negative return on equity of 13.57% and a negative net margin of 34.40%.
About Trinidad Drilling
Trinidad Drilling Ltd. designs, builds, and operates drilling rigs for complex wells primarily in Canada, the United States, and internationally. It provides land drilling services. The company operates 70 rigs in Canada; and 69 rigs in the United States and internationally. It also engages in construction and insurance businesses; and provides rig technology and labor services.
See Also: Average Daily Trade Volume – ADTV
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