"We believe the company is acting prudently having reduced capex in order to preserve its balance sheet during the prevailing commodity price environment," analysts at Canaccord Genuity said.
RockPile (RPES), Triangle Petroleum's business line provider of hydraulic pressure pumping, had its operating margins under pressure coming in at just 7% vs. 18% estimate at Canaccord Genuity, according to the analyst note.
While margins remain under pressure, the firm increased their full year forecast of 2015 production to 13.2 Mboe/d (millions of barrels per day) from 12.4 Mboe/d, Canaccord Genuity added.
Triangle Petroleum is an energy holding company that has three principal lines of business: oil and natural gas exploration, development, and production; oilfield services, and midstream services.
Shares of Triangle Petroleum are increasing 0.39% to $5.09 in late morning trading Wednesday.
Separately, TheStreet Ratings team rates TRIANGLE PETROLEUM CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate TRIANGLE PETROLEUM CORP (TPLM) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, compelling growth in net income and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and a generally disappointing performance in the stock itself."