ATB Cormack Issues Positive Forecast for Trican Well Service (TSE:TCW) Stock Price

Key Points

• ATB Cormack raised Trican Well Service’s price target from C$8.00 to C$8.50 and maintained an “outperform” rating, implying approximately 19% upside from the reported C$7.14 share price.
• Analyst sentiment is broadly positive: Trican has an overall “Moderate Buy” consensus rating and an average target price of C$7.82, although Raymond James lowered its target to C$6.75.
• Trican reported quarterly EPS of C$0.23 on C$338.3 million in revenue, while company directors purchased a combined 26,000 shares worth about C$156,220 in the latest quarter.

Trican Well Service (TSE:TCW - Get Free Report) had its price objective upped by stock analysts at ATB Cormack from C$8.00 to C$8.50 in a research report issued on Wednesday, BayStreet reports. The brokerage currently has an "outperform" rating on the stock. ATB Cormack's price target would indicate a potential upside of 19.05% from the company's current price.

A number of other research firms have also recently issued reports on TCW. TD Securities upgraded Trican Well Service from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 30th. Raymond James Financial dropped their target price on shares of Trican Well Service from C$7.50 to C$6.75 and set a "market perform" rating for the company in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Trican Well Service currently has an average rating of "Moderate Buy" and an average target price of C$7.82.

Trican Well Service Stock Performance

Shares of TCW traded up C$0.22 during mid-day trading on Wednesday, reaching C$7.14. The company's stock had a trading volume of 1,675,056 shares, compared to its average volume of 713,980. Trican Well Service has a 1-year low of C$5.19 and a 1-year high of C$8.40. The stock has a market cap of C$1.49 billion, a P/E ratio of 16.60, a PEG ratio of 0.22 and a beta of -0.29. The business has a 50-day simple moving average of C$6.30 and a two-hundred day simple moving average of C$6.76. The company has a current ratio of 1.77, a quick ratio of 1.75 and a debt-to-equity ratio of 3.24.

Trican Well Service (TSE:TCW - Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The company reported C$0.23 earnings per share (EPS) for the quarter. Trican Well Service had a return on equity of 12.81% and a net margin of 7.60%. The business had revenue of C$338.30 million during the quarter.

Insiders Place Their Bets

In other Trican Well Service news, Director Thomas Malcolm Alford acquired 5,000 shares of Trican Well Service stock in a transaction that occurred on Friday, July 31st. The shares were bought at an average price of C$5.88 per share, with a total value of C$29,400.00. Following the completion of the purchase, the director directly owned 50,000 shares in the company, valued at C$294,000. This trade represents a 11.11% increase in their position. Also, Director Stuart O'connor purchased 20,000 shares of Trican Well Service stock in a transaction on Wednesday, September 30th. The stock was bought at an average price of C$6.05 per share, for a total transaction of C$121,000.00. Following the transaction, the director directly owned 26,250 shares in the company, valued at approximately C$158,812.50. The trade was a 320.00% increase in their position. In the last quarter, insiders have bought 26,000 shares of company stock worth $156,220. 0.62% of the stock is owned by company insiders.

About Trican Well Service

Headquartered in Calgary, Alberta, Trican supplies oil and natural gas well servicing equipment and solutions to our customers through the drilling, completion, and production cycles. Our team of technical experts provide state of the art equipment, engineering support, reservoir expertise and laboratory services through the delivery of hydraulic fracturing, cementing, coiled tubing, nitrogen services and chemical sales for the oil and gas industry in Western Canada. Trican is the largest pressure pumping service company in Canada.

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