Trinidad Drilling Ltd. Gaps Up; Strong Momentum for Buyers

 Trinidad Drilling Ltd. Gaps Up; Strong Momentum for Buyers

The stock of Trinidad Drilling Ltd. (TSE:TDG) gapped up by $0.02 today and has $3.61 target or 46.00% above today’s $2.47 share price. The 9 months technical chart setup indicates low risk for the $550.87 million company. The gap was reported on Nov, 15 by If the $3.61 price target is reached, the company will be worth $253.40M 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 112,891 shares traded hands. Trinidad Drilling Ltd. (TSE:TDG) has risen 27.27% since April 11, 2016 and is uptrending. It has outperformed by 23.35% the S&P500.

Trinidad Drilling Ltd. (TSE:TDG) Ratings Coverage

Out of 7 analysts covering Trinidad Drilling Ltd. (TSE:TDG), 5 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 71% are positive. $6 is the highest target while $2 is the lowest. The $3.57 average target is 44.53% above today’s ($2.47) stock price. Trinidad Drilling Ltd. has been the topic of 34 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Scotia Capital maintained the stock with “Sector Perform” rating in Tuesday, June 28 report. Scotia Capital downgraded the shares of TDG in a report on Friday, October 9 to “Sector Perform” rating. The rating was upgraded by Raymond James to “Strong Buy” on Wednesday, November 18. As per Friday, November 4, the company rating was maintained by Scotia Capital. On Tuesday, June 28 the stock rating was maintained by Paradigm Research with “Buy”. The firm earned “Sector Perform” rating on Friday, November 4 by National Bank Canada. The firm has “Outperform” rating given on Wednesday, August 5 by Scotia Capital.

More news for Trinidad Drilling Ltd. (TSE:TDG) were recently published by:, which released: “Trinidad Drilling Ltd. Announces Amendments to Its Credit Facility and Debt …” on June 27, 2016.‘s article titled: “Trinidad Drilling Ltd. and CanElson Drilling Inc. merger gives scale in …” and published on June 11, 2015 is yet another important article.

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 $550.87 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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