Boston, MA 10/03/2013 (wallstreetpr) – Triangle Petroleum Corporation (AMEX:TPLM) is busy laying things out thick and fast. Its stock has staged a remarkable 46% appreciation in value over the last 30 days. At these heightened valuations, the company has a market cap of $581 million with 56 million outstanding shares.
As of close of business on October 2, the shares of the company were up 3% from its previous day close of $10 per share. This price represents a new 52 week high bench mark and is trading 1.6% above the previous high point. It has moved up close to 112% from its 52 week low point.
On September 10, it announced blockbuster 2Q numbers which saw it reporting a staggering 391% increase in revenue on a year on year compare. It reported revenues of $50.3 million in 2Q. It reported earnings per share of $0.19 which was 20% higher than the street estimate.
It followed up with an announcement on September 17 indicating a tie up with First Reserve’s Energy Infrastructure Fund to extend its North Dakota based “Caliber Midstream and infrastructure system. On completion of the expansion plans, the company would have created an infrastructure mix of “a pipeline with capacity to transfer a total of 50 thousand barrels of oil per day” and “a oil storage infrastructure” to store 40,000 barrels of crude oil. In addition the fully developed complex would boast of multiple access points the sunken in infrastructure of crude oil pipelines and rail terminals.
The oil firm has recorded a 56% increase in Gross margin and a operating margin of 10.7% over the past 12 months trailing period. The stock has seen a significant 71% increase in value in the year to date time period. It has close to 41% of its stock held by institutional investors and has a target price of $10.64 over the next 3 months.
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