After Reaching 52-Week High, Is Trinidad Drilling Ltd.’s Near-Term Analysis Positive?

 After Reaching 52 Week High, Is Trinidad Drilling Ltd.'s Near Term Analysis Positive?

The stock of Trinidad Drilling Ltd. (TSE:TDG) hit a new 52-week high and has $3.20 target or 9.00% above today’s $2.94 share price. The 7 months bullish chart indicates low risk for the $761.76 million company. The 1-year high was reported on Dec, 1 by Barchart.com. If the $3.20 price target is reached, the company will be worth $68.56 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 448,163 shares traded hands. Trinidad Drilling Ltd. (TSE:TDG) has risen 26.70% since April 27, 2016 and is uptrending. It has outperformed by 20.77% 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 21.43% above today’s ($2.94) stock price. Trinidad Drilling Ltd. has been the topic of 34 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The firm has “Sector Perform” rating by Scotia Capital given on Friday, November 4. National Bank Canada downgraded the stock to “Sector Perform” rating in Friday, November 4 report. Scotia Capital maintained the shares of TDG in a report on Tuesday, June 28 with “Sector Perform” rating. On Friday, October 9 the stock rating was downgraded by Scotia Capital to “Sector Perform”. Scotia Capital maintained it with “Outperform” rating and $5.25 target price in Wednesday, August 5 report. The stock has “Buy” rating given by Paradigm Research on Tuesday, June 28. The stock of Trinidad Drilling Ltd. (TSE:TDG) earned “Strong Buy” rating by Raymond James on Wednesday, November 18.

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 $761.76 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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