UPDATE: Imperial Capital Downgrades Triangle Petroleum to In-Line on Extended 10-K Filing Deadline
12:46p ET April 17, 2013 (Benzinga)
In a report published Wednesday, Imperial Capital analyst Ann Kohler downgraded the rating on Triangle Petroleum Corporation (NYSE: TPLM) from Outperform to In-Line, and lowered the price target from $7.50 to $5.50.
In the report, Kohler noted, “We are downgrading our rating to In-Line from Outperform on TPLM and lowering our one-year price target to $5.50 from $7.50. On 4/16/13, TPLM announced that it will delay the filing of its 2012 10-K filing citing the inability to resolve outstanding comments that the company received from the SEC in concerning the appropriate consolidated accounting treatment of certain income recognized by TPLM's pressure pumping services subsidiary, RockPile Energy Services, LLC. Until the issue is resolved, we recommend that investors remain on the sidelines.”
Triangle Petroleum Corporation closed on Tuesday at $5.61.
(Wonder how Imperial will react? If Jonathan is smart, he'll apologize like mad for the filing fiasco)
Dormie- what is your point? That was April 17, and the 10-K was delayed by just two weeks while the SEC got its act together. Results and 10-K came out May 1 and the company "apology" was given at that time on the year-end call (no apology needed, as it was an SEC issue, not a company issue). That was 6 weeks ago and the market has now been waiting for the Q1 results, which is today's news.