TD Securities raised its price target on Trican Well Service Ltd. (TCW.TO) to $5.50 from $4.75 on Friday.
Analyst Aaron MacNeil maintained a Hold rating on shares of the Calgary-based oilfield services company following its announced acquisition of privately-ownerd Iron Horse Energy Services and a 10% dividend increase.
"This transaction features cross-selling opportunities as well as back office/procurement synergies," MacNeil said in a note to clients.
"We believe that the share price reaction has largely captured the accretive nature of the transaction and the dividend increase," the analyst said.
Trican shares rose $0.64, or 14%, to $5.20 on the Toronto Stock Exchange Thursday.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
