Trinidad Drilling Ltd. (TSE:TDG) traded up 15.9% on Monday after an insider bought additional shares in the company. The stock traded as high as C$1.75 and last traded at C$1.75. 2,436,492 shares were traded during mid-day trading, an increase of 284% from the average session volume of 634,045 shares. The stock had previously closed at C$1.51.
Specifically, Director Brian Burden acquired 20,400 shares of the company’s stock in a transaction dated Friday, August 10th. The stock was acquired at an average cost of C$1.49 per share, with a total value of C$30,396.00.
A number of equities research analysts have recently weighed in on the company. National Bank Financial lifted their price objective on Trinidad Drilling from C$2.40 to C$2.60 and gave the company a “sector perform” rating in a research note on Tuesday, July 3rd. Canaccord Genuity dropped their price objective on Trinidad Drilling from C$2.20 to C$2.10 in a research note on Tuesday, July 10th. BMO Capital Markets dropped their price objective on Trinidad Drilling from C$3.00 to C$2.00 in a research note on Thursday, August 9th. Raymond James lifted their price objective on Trinidad Drilling from C$2.75 to C$3.00 and gave the company an “outperform” rating in a research note on Friday, June 29th. Finally, GMP Securities cut Trinidad Drilling from a “buy” rating to a “hold” rating and dropped their price objective for the company from C$2.50 to C$2.00 in a research note on Thursday, August 9th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of C$2.41.
Trinidad Drilling Ltd. designs, builds, and operates drilling rigs for complex wells primarily in Canada, the United States, and internationally. It provides land drilling services. The company operates 70 rigs in Canada; and 69 rigs in the United States and internationally. It also engages in construction and insurance businesses; and provides rig technology and labor services.
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