- Triangle Petroleum (OTC:TPLM -1.8%) is downgraded to Hold from Buy with a $5 price target, cut from $6, at Wunderlich, which feels TPLM is fairly valued in the current environment.
- TPLM cut its FY 2016 capital budget by ~71% to $165M-$195M given the drop in oil prices, a move Wunderlich says is "obviously prudent" but underscores the lack of economics from its Bakken inventory, while raising production guidance ~12% to 11K-13K boe/day.
- The price target is cut to $4 from $7 at Topeka Capital, which already had rated the stock a Hold, noting TPLM is slashing cash flow estimates on the lower production growth profile and the negative implications to its pressure pumping subsidiary (Briefing.com).