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 firstname.lastname@example.org