Trinidad Drilling (TDG) Trading Down 3.8% on Analyst Downgrade

Trinidad Drilling Ltd. (TSE:TDG) shares fell 3.8% on Wednesday after Raymond James Financial lowered their price target on the stock from C$2.80 to C$2.20. Raymond James Financial currently has an outperform rating on the stock. Trinidad Drilling traded as low as C$1.52 and last traded at C$1.54. 808,532 shares were traded during mid-day trading, an increase of 13% from the average session volume of 715,075 shares. The stock had previously closed at C$1.60.

Other research analysts have also issued reports about the stock. Scotiabank lowered shares of Trinidad Drilling from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from C$3.25 to C$2.50 in a research note on Friday, November 10th. National Bank Financial reduced their price objective on shares of Trinidad Drilling from C$2.60 to C$1.95 and set a “sector perform” rating for the company in a research note on Friday, November 10th. CIBC reduced their price objective on shares of Trinidad Drilling from C$2.75 to C$2.50 in a research note on Friday, October 20th. TD Securities lowered shares of Trinidad Drilling from a “buy” rating to a “hold” rating and reduced their price objective for the company from C$2.25 to C$2.00 in a research note on Thursday, November 9th. Finally, Royal Bank Of Canada reduced their price objective on shares of Trinidad Drilling from C$3.50 to C$3.00 and set an “outperform” rating for the company in a research note on Friday, October 6th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of C$2.38.

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Trinidad Drilling Company Profile

Trinidad Drilling Ltd. is a Canada-based company, which operates in the drilling sector of the North American oil and natural gas industry, with operations in Canada and the United States. The Company operates through five segments, which include Canadian Operations, US and International Operations, Manufacturing Operations, Joint Venture Operations and Corporate.

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