Dallas, Texas 04/23/2014 (FINANCIALSTRENDS) – Triangle Petroleum Corporation (NYSEMKT:TPLM) has been witness to topline action on the stock market in recent weeks. Heading the action is the recent analyst coverage with the consensus indication of BUY rating.
This is much like a thump on the back of a tired runner, as Triangle Petroleum has been battling it out at the various sessions and has repeated come up wanting.
This time around however, it has made good on its strategies and is now reaping the benefits of such strategies.
Reason for analyst coverage was the positive earnings results
Triangle Petroleum Corporation (NYSEMKT:TPLM) has since announced its latest data earnings as of Monday, April 14, 2014. The company has also ensured that the company will see prices increase in the region of $0.11 per share, in the first quarter itself. The stock has also indicated that in the past year, for the same quarter, the shares were earning $0.20 per share. The average analysts prediction for Triangle Petroleum Corporation (NYSEMKT:TPLM)saw the posts reach $0.61 earnings per share, for the 2014 fiscal.
Triangle Petroleum Corporation (NYSEMKT:TPLM)has been moved from prior rating of HOLD to BUY, where the analysts TheStreet Ratings substantiate their recommendation thus, “The company’s strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, compelling growth in net income, expanding profit margins and impressive record of earnings per share growth. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results.”
There were detractors to this line of reasoning as well.
Triangle Petroleum Corporation (NYSEMKT:TPLM) received downgrades from the likes of KLR Group. Their recommendation was to move the company from Buy to Accumulate. The analysts have also revised the Price Target to $12.00, from the earlier rating of $13.00.
However, the consensus rating has been BUY, with the consensus rating pegged at $12.08 per share.