The stock of Trinidad Drilling Ltd. (TSE:TDG) gapped up by $0.12 today and has $3.09 target or 7.00% above today’s $2.89 share price. The 8 months technical chart setup indicates low risk for the $626.18M company. The gap was reported on Nov, 30 by Barchart.com. If the $3.09 price target is reached, the company will be worth $43.83 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 554,855 shares traded hands or 32.04% up from the average. Trinidad Drilling Ltd. (TSE:TDG) has risen 11.63% since April 26, 2016 and is uptrending. It has outperformed by 6.40% 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 23.53% above today’s ($2.89) stock price. Trinidad Drilling Ltd. has been the topic of 34 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Paradigm Research maintained Trinidad Drilling Ltd. (TSE:TDG) rating on Tuesday, June 28. Paradigm Research has “Buy” rating and $3 price target. The stock of Trinidad Drilling Ltd. (TSE:TDG) has “Sector Perform” rating given on Friday, November 4 by Scotia Capital. As per Friday, October 9, the company rating was downgraded by Scotia Capital. The firm has “Outperform” rating given on Wednesday, August 5 by Scotia Capital. The firm has “Sector Perform” rating given on Tuesday, June 28 by Scotia Capital. The rating was upgraded by Raymond James on Wednesday, November 18 to “Strong Buy”. On Friday, November 4 the stock rating was downgraded by National Bank Canada to “Sector Perform”.
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 $626.18 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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