Trinidad Drilling (TDG) Shares Down 3.9% on Analyst Downgrade

Trinidad Drilling Ltd. (TSE:TDG)’s share price traded down 3.9% on Wednesday after Canaccord Genuity lowered their price target on the stock from C$2.10 to C$2.00. The company traded as low as C$1.68 and last traded at C$1.72. 1,247,722 shares traded hands during mid-day trading, an increase of 100% from the average session volume of 622,663 shares. The stock had previously closed at C$1.79.

A number of other equities analysts have also weighed in on TDG. Raymond James Financial decreased their price target on Trinidad Drilling from C$2.75 to C$2.55 and set an “outperform” rating for the company in a research report on Tuesday, January 30th. GMP Securities increased their price target on Trinidad Drilling from C$2.00 to C$2.25 in a research report on Thursday, January 18th. TD Securities upgraded Trinidad Drilling from a “hold” rating to a “buy” rating and increased their price target for the company from C$2.00 to C$2.50 in a research report on Tuesday, January 30th. CIBC increased their price target on Trinidad Drilling from C$2.25 to C$2.50 in a research report on Tuesday, January 23rd. Finally, National Bank Financial decreased their price target on Trinidad Drilling from C$2.60 to C$1.95 and set a “sector perform” rating for the company in a research report on Friday, November 10th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of C$2.47.

The firm has a market capitalization of $489.49, a PE ratio of -5.93 and a beta of 1.37.

Trinidad Drilling (TSE:TDG) last announced its quarterly earnings data on Wednesday, November 8th. The company reported C($0.16) EPS for the quarter, missing the Zacks’ consensus estimate of C($0.07) by C($0.09). Trinidad Drilling had a negative return on equity of 13.57% and a negative net margin of 34.40%. The business had revenue of C$129.81 million for the quarter, compared to analyst estimates of C$133.20 million.

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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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