Canaccord Genuity Reiterates a 'Buy' on Triangle Petroleum (TPLM); Bakken Accelerating; Possible Two Well Catalyst

Canaccord Genuity reiterates a 'Buy' on Triangle Petroleum (NYSE: TPLM) price target of $11.00 (from $9.00).

Analyst, John Gerdes, said, "Triangle recently commenced Bakken operations with encouraging results. The latest well averaged ~1,250 Boepd over the initial seven days and should recover 600+ Mboe for ~$10 million. This month, the pressure pumping subsidiary is commencing operations. We view this unit as a creative solution to ensure availability of reasonably priced stimulation services for the E&P business while generating a strong return on capital."

Upcoming catalysts: recently completes two well tests which could extend production and increase company-wide outlook.

For an analyst ratings summary and ratings history on Triangle Petroleum click here. For more ratings news on Triangle Petroleum click here.

Shares of Triangle Petroleum closed at $5.95 yesterday.

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