Trican Well Service (TCW) Stock Price Down 11.4% on Disappointing Earnings

Trican Well Service Ltd (TSE:TCW)’s share price fell 11.4% on Thursday following a dissappointing earnings announcement. The company traded as low as C$1.60 and last traded at C$1.64. 1,577,946 shares changed hands during trading, a decline of 44% from the average session volume of 2,819,753 shares. The stock had previously closed at C$1.85.

The company reported C($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of C$0.02 by C($0.06). The firm had revenue of C$253.74 million during the quarter, compared to analyst estimates of C$257.97 million.

A number of research firms have recently weighed in on TCW. CIBC cut their price objective on Trican Well Service from C$3.15 to C$2.50 in a research report on Friday. TD Securities lowered Trican Well Service from a “buy” rating to a “hold” rating and cut their price objective for the stock from C$3.00 to C$2.00 in a research report on Friday. BMO Capital Markets cut their price objective on Trican Well Service from C$3.50 to C$2.00 and set a “hold” rating on the stock in a research report on Friday. GMP Securities dropped their target price on Trican Well Service from C$2.50 to C$2.00 in a report on Friday. Finally, Canaccord Genuity lowered Trican Well Service from a “buy” rating to a “hold” rating and dropped their target price for the company from C$3.25 to C$2.50 in a report on Tuesday, October 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of C$3.40.

In other Trican Well Service news, insider Shaun Patrick Kelly bought 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 5th. The shares were purchased at an average price of C$2.75 per share, with a total value of C$55,000.00.

The company has a quick ratio of 2.02, a current ratio of 2.64 and a debt-to-equity ratio of 6.74.

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Trican Well Service Company Profile (TSE:TCW)

Trican Well Service Ltd., an oilfield services company, provides various specialized products, equipment, services, and technology for use in the drilling, completion, stimulation, and reworking of oil and gas wells primarily in Canada. It offers cementing solutions, including pre-flushes and spacers, cement plugs, lost circulation, gas migration prevention, cement design solutions, and laboratory solutions, as well as surface, intermediate, production, liner, horizontal, and remedial/squeeze cementing services; and cement pumpers, bulk equipment, and cement auxiliary equipment.

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