Triangle Petroleum Corporation (NYSEMKT:TPLM) gets “overweight” rating


Dallas, Texas 09/20/2013 (Financialstrend) – On Thursday, Simmons weighed on Triangle Petroleum Corporation (NYSEMKT:TPLM) and assigned an “overweight” rating on the company stock. Numerous other analysts have also weighed on the stock lately. Imperial Capital analysts upped their PT on the shares from $7.00 to $9.50 on Monday and have assigned an “in-rating” on the shares.

Canaccord Genuity analysts also raised their PT on from $8.50 to $10.00 on 13 September and have assigned a “buy” rating on the stock. Global Hunter Securities analysts also hiked their PT from $8.50 to $10.00 on 11 September and have assigned “buy” rating on Triangle Petroleum Corporation (NYSEMKT:TPLM) stock.

Two research analysts have assigned a “hold” rating on the company stock, and 10 have assigned a “buy” rating. The average rating in the company stock is currently a “buy” and the average PT is $10.05.

Thursday’s trading

In Thursday’s trading session, Triangle Petroleum Corporation (NYSEMKT:TPLM) stock rose by 3.26%. The opening price of the shares was $9.62 which climbed to an intraday high of $10.01 and closed at $9.82. Approximately 2.21 million shares exchanged hands in Thursday’s trading. The average volume of shares traded over a period of 30 days was 1.62 million. The 52-week low of the shares is $4.85 while the 52-week high is $10.01. The company has a market cap of $816.95 million.

About the company

Triangle Petroleum Corporation (NYSEMKT:TPLM) is an exploration and a production company. It focuses on developing unconventional shale O&G resources in areas of the Bakken Shale and Williston Basin’ Three Forks formations in Montana and North Dakota.  As of 31 January 2012, it owned around 83,000 net-acres in the Williams and McKenzie Counties of North Dakota and the Sheridan and Roosevelt Counties of Montana. Triangle Petroleum Corporation (NYSEMKT:TPLM)’s petroleum-development operations focus on Bakken oil. Its projects include Montana and Williston Basin of North Dakota.