Trican Reaches High on Full-Year Outlook: Calgary Mover

Trican Well Service Ltd. (TCW), Canada’s third-largest drilling-services provider by market value, rose to the highest in more than a year after the company said activity will improve in the second half.

Trican climbed 5.2 percent to C$15.96 at the close in Toronto, the highest since March 20, 2012. The Calgary-based company has gained 22 percent this year.

Trican expects a “strong” third quarter and activity for the full year will improve compared with 2012, the company said in a presentation to investors posted on its website today. Revenue at its Russian operations will increase from 15 percent and 20 percent this year, Trican said.

“It’s always positive to hear them reiterate targets,” said Michael Mazar, an analyst at BMO Capital Markets in Calgary who rates the stock a buy, said in an interview. “They should have a strong third quarter and that helps.”

Precision Drilling Corp. (PD) and Ensign Energy Services Inc. are the largest drilling-service providers to the oil and natural gas industry in Canada.

To contact the reporter on this story: Jeremy van Loon in Calgary at

To contact the editors responsible for this story: Susan Warren at; David Scanlan at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.