Trican Reaches High on Full-Year Outlook: Calgary MoverJeremy van Loon
Trican Well Service Ltd., 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. and Ensign Energy Services Inc. are the largest drilling-service providers to the oil and natural gas industry in Canada.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Apple Is Secretly Developing Its Own Screens for the First Time
- Hong Kong's Richest Woman Loses Half Her Wealth on Stock Plunge
- From a $126 Million Bonus to Jail: The Fall of a Star Trader
- Stocks Slide in Broad Selloff; Brexit Spurs Pound: Markets Wrap
- Snowstorm Looms as Spring Begins in Washington, Mid-Atlantic