Trican Well Service (TSE:TCW) Sets New 1-Year High - Here's Why

Key Points

• Trican Well Service shares reached a new 52-week high of C$6.02, closing at C$6.00, indicating strong market interest.
• Equities analysts have raised their price targets for Trican, with several firms projecting prices between C$5.50 and C$6.50, indicative of a positive outlook for the stock.
• The company has increased its quarterly dividend from $0.05 to $0.055, representing an annual yield of 3.6% and reflecting its solid financial position.

Shares of Trican Well Service Ltd. (TSE:TCW - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$6.02 and last traded at C$6.00, with a volume of 123133 shares. The stock had previously closed at C$5.83.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on TCW shares. TD Securities lifted their price objective on Trican Well Service from C$4.75 to C$5.50 and gave the stock a "hold" rating in a report on Friday, July 4th. ATB Capital raised their price target on Trican Well Service from C$5.50 to C$6.50 and gave the stock an "outperform" rating in a research report on Friday, July 4th. BMO Capital Markets raised their price target on Trican Well Service from C$5.00 to C$6.00 and gave the stock an "outperform" rating in a research report on Friday, July 4th. National Bankshares raised their price target on Trican Well Service from C$5.75 to C$6.50 and gave the stock a "sector perform" rating in a research report on Friday, July 4th. Finally, Raymond James Financial raised Trican Well Service from a "hold" rating to a "moderate buy" rating and lifted their price objective for the company from C$5.00 to C$6.50 in a research report on Friday, July 4th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of C$6.17.

Trican Well Service Stock Performance

The stock has a 50-day simple moving average of C$5.77 and a 200-day simple moving average of C$4.93. The company has a debt-to-equity ratio of 5.89, a current ratio of 2.62 and a quick ratio of 1.75. The stock has a market cap of C$1.08 billion, a PE ratio of 11.17, a P/E/G ratio of 0.22 and a beta of 0.62.

Trican Well Service Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 30th will be given a $0.055 dividend. The ex-dividend date of this dividend is Friday, September 12th. This is a positive change from Trican Well Service's previous quarterly dividend of $0.05. This represents a $0.22 annualized dividend and a dividend yield of 3.6%. Trican Well Service's dividend payout ratio (DPR) is currently 35.19%.

About Trican Well Service

Trican Well Service Ltd is an equipment services company. It provides products, equipment, services, and technology for use in the drilling, completion, stimulation, and reworking of oil and gas wells primarily through its continuing pressure pumping operations in Canada. The company offers services related to coiled tubing, pipeline service, cementing, fracturing and reservoir solutions.

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