Trican Well Service downgraded to Hold on recent ally at TD Securities

TD Securities analyst Aaron MacNeil downgraded Trican Well Service to Hold from Buy with a price target of C$5.50, down from C$6. The analyst cites the stock’s recent rally for the downgrade. The analyst believes exploration and production companies continue to exercise caution following the steep reduction in crude oil and natural gas prices earlier this year. As a result, the firm made modest downward revisions to its Canadian and U.S. drilling activity forecasts for both 2023 and 2024. In this context, TD reduced its energy services sector stance to Market Weight from Overweigh, and downgraded North American Construction and Trican to Hold from Buy.