Trinidad Drilling Receives a Hold from Canaccord Genuity

By Ryan Adsit

In a report released today, John Bereznicki from Canaccord Genuity reiterated a Hold rating on Trinidad Drilling (Other OTC: TDGCF), with a price target of $1.90. The company’s shares opened today at $1.28, close to its 52-week high of $2.70.

Bereznicki commented:

“We believe this acquisition (and recent acquisitions by Trinidad’s US peers) highlights the importance of vertical integration and enhanced technology offerings in order to remain relevant in the highly competitive North American land drilling market.”

According to TipRanks.com, Bereznicki is a 4-star analyst with an average return of 8.9% and a 47.2% success rate. Bereznicki covers the Basic Materials sector, focusing on stocks such as Essential Energy Services Ltd, Forbes Energy Services Ltd, and Canadian Energy.

Trinidad Drilling has an analyst consensus of Hold.

The company has a one year high of $2.70 and a one year low of $1.25. Currently, Trinidad Drilling has an average volume of 3,786.

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Trinidad Drilling Ltd. operates in the drilling of oil and natural gas resources sector. The company operates through four operating segments: Canadian Operations; U.S. & International Operations; Joint Venture Operations; and Corporate. The Canadian Operations segment includes land drilling services.