Triangle Petroleum Corp. (TPLM): An updated Net Income & Cash Flow Forecast model has been posted under the Watch List Tab.
Q4 results were very confusing since the company had to clean up some accounting issues, primarily the proper elimination of inter-company revenues generated by their pressure pumping division. This issue is likely to keep a lid on the share price until we get a clean quarter.
Cutting through all the crap, FY 2014 that ends 1-31-2014 should generate CFPS over $1.50/share, so the stock is currently trading at less than 4X CFPS. TPLM's production should be up over 180% this year with an exit rate over 4,700 Boepd (mostly oil).
I have lowered my Fair Value Estimate to $9.10/share, which is still a long way from today's share price. First Call's price target is $8.83. A clean first quarter result will help this puppy. Note that TPLM is on a fiscal year, so Q1 ended 4/30 and they won't announce results until mid-June.