Canaccord Genuity Maintains a 'Buy' on Triangle Petroleum (TPLM); Expecting Blowout H2/11 from Accelerated Bakken Activity

Canaccord Genuity maintains a 'Buy' on Triangle Petroleum (NYSE: TPLM) price target of $10.00.

Canaccord analyst, Marcus Talbert, said, "At present, Triangle remains our “Favorite Bakken Idea” based on its meaningful near- to mid-term catalysts and fully funded operated development schedule. We continue to believe the stock is too cheap for a company with its asset base, liquidity and relative growth potential. At present, TPLM trades at a ~35% discount to its non-operated peers on an EV/acre metric (~45% to operated). We believe Triangle’s operating transition should drive material NAV accretion and multiple expansion into 2012."

For more ratings news on Triangle Petroleum click here and for the rating history of Triangle Petroleum click here.

Shares of Triangle Petroleum closed at $5.15 yesterday.

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