The stock of Trinidad Drilling Ltd. (TSE:TDG) gapped down by $0.02 today and has $2.18 target or 9.00% below today’s $2.40 share price. The 5 months technical chart setup indicates high risk for the $534.12 million company. The gap down was reported on Nov, 29 by Barchart.com. If the $2.18 price target is reached, the company will be worth $48.07 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 91,739 shares traded hands. Trinidad Drilling Ltd. (TSE:TDG) has risen 15.49% since April 25, 2016 and is uptrending. It has outperformed by 10.23% 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 48.75% above today’s ($2.4) stock price. Trinidad Drilling Ltd. has been the topic of 34 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Paradigm Research maintained it with “Buy” rating and $3 target price in Tuesday, June 28 report. Scotia Capital downgraded it to “Sector Perform” rating and $3 target price in Friday, October 9 report. The rating was downgraded by National Bank Canada on Friday, November 4 to “Sector Perform”. The stock of Trinidad Drilling Ltd. (TSE:TDG) earned “Strong Buy” rating by Raymond James on Wednesday, November 18. Scotia Capital maintained the shares of TDG in a report on Tuesday, June 28 with “Sector Perform” rating. As per Friday, November 4, the company rating was maintained by Scotia Capital. 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: Marketwired.com, which released: “Trinidad Drilling Ltd. Announces Amendments to Its Credit Facility and Debt …” on June 27, 2016. Business.Financialpost.com‘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 $534.12 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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