UPDATE: Wunderlich Securities Downgrades Triangle Petroleum On Solid Valuation During Capital Conservation

In a report published Friday, Wunderlich Securities analyst Jason A. Wangler downgraded the rating on

from Buy to Hold, and lowered the price target from $6.00 to $5.00. In the report, Wunderlich Securities noted, "Triangle Petroleum (TPLM) last night announced its F2016 capital budget and production guidance and, as most have and one likely would expect, the company is pulling back activity given the drop in oil prices. The move is obviously prudent given the changing economics in the Williston, and TPLM continues to focus on returns across its entire portfolio. Given the drop in oil prices, the upcoming weather in the Williston, Triangle's reduction in activity, and the more difficult pricing in the region, we feel there are multiple headwinds in the coming months and as such have decided to step to the sidelines. Though we continue to like Triangle's three-pronged approach, we feel Williston is a tough place to play for all three and given its premium valuation, we are moving to Hold at this time." Triangle Petroleum closed on Thursday at $5.57.