The stock of Trinidad Drilling Ltd. (TSE:TDG) gapped up by $0.01 today and has $4.18 target or 56.00% above today’s $2.68 share price. The 9 months technical chart setup indicates low risk for the $614.24M company. The gap was reported on Oct, 19 by Barchart.com. If the $4.18 price target is reached, the company will be worth $343.97 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 645,233 shares traded hands or 99.58% up from the average. Trinidad Drilling Ltd. (TSE:TDG) has risen 41.76% since March 14, 2016 and is uptrending. It has outperformed by 36.21% the S&P500.
Trinidad Drilling Ltd. (TSE:TDG) Ratings Coverage
Out of 7 analysts covering Trinidad Drilling Ltd. (TSE:TDG), 6 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 86% are positive. Trinidad Drilling Ltd. has been the topic of 31 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Raymond James upgraded the shares of TDG in a report on Wednesday, November 18 to “Strong Buy” rating. The firm earned “Sector Perform” rating on Friday, October 9 by Scotia Capital. The stock of Trinidad Drilling Ltd. (TSE:TDG) earned “Buy” rating by Paradigm Research on Tuesday, June 28. Scotia Capital maintained the shares of TDG in a report on Tuesday, June 28 with “Sector Perform” rating. The stock of Trinidad Drilling Ltd. (TSE:TDG) has “Outperform” rating given on Wednesday, August 5 by Scotia Capital.
More recent Trinidad Drilling Ltd. (TSE:TDG) news were published by: Marketwired.com which released: “Trinidad Drilling Ltd. Announces Amendments to Its Credit Facility and Debt …” on June 27, 2016. Also Marketwatch.com published the news titled: “Trinidad Drilling Ltd.” on November 02, 2011. Seekingalpha.com‘s news article titled: “Trinidad Drilling Ltd. Potential Takeover And Halliburton/Baker Hughes’ Role” with publication date: November 26, 2014 was also an interesting one.
Trinidad Drilling Ltd. is a Canada-based company, which operates in the drilling sector of the North American oil and natural gas industry, with activities in Canada and the United States. The company has a market cap of $614.24 million. The Firm operates through five divisions, which include Canadian Operations, US and International Operations, Manufacturing Operations, Joint Venture Operations and Corporate. It currently has negative earnings. The Canadian Operations segment is engaged in providing land drilling services to the Canadian gas and oil industry.
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