Triangle Petroleum (TPLM) Pre-Announced Production Beat; Canaccord Genuity Reiterates Buy

Canaccord Genuity maintained a Buy rating on Triangle Petroleum (NYSE: TPLM), and cut the price target to $4.75 (from $5.50), following a 3Q pre-announcement. TPLM pre-announced production volumes of 13.6 MBoe/d, above consensus of 12.9 MBoe/d. TPLM's production guidance for FY16 is 13.2-13.6 MBoe/d vs. 11.5-13.5 MBoe/d previously.

Analyst Stephen Berman commented, "TPLM has 79K core net Williston Basin (WB) acres (64% operated, 89% held by production) and employs a vertically integrated model in the Bakken/Three Forks. We believe the company is acting prudently having reduced capex in order to preserve its balance sheet during the prevailing commodity price environment."

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 $1.20 yesterday.

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