In a latest note to investors, a research analyst has provided a rating update for the Materials sector company, Trinidad Drilling (TSX: TDG). On August 2, analyst Michael Mazar gave a Buy rating to TDG and set a C$3 price target.
Currently, the analyst consensus on Trinidad Drilling is Moderate Buy and the average price target is C$3.06, representing a 94.9% upside.
In a report issued on August 2, Scotiabank also maintained a Buy rating on the stock with a C$3.25 price target.
Based on Trinidad Drilling’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of C$99.07 million and GAAP net loss of C$5.58 million. In comparison, last year the company earned revenue of C$44.98 million and had a GAAP net loss of C$16.26 million.
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.
The company’s shares closed on Thursday at C$1.57, equals to its 52-week low of C$1.57.