TPLM Reports Earnings

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TPLM up almost 4%. This is why:

It seems appropriate we open with Triangle Petroleum  as it just reported earnings this morning. The company met revenue expectations and easily beat on the bottom line. The company posted earnings of 19 cents a share besting expectations of 15 cents a share.

Back in June when the shares were selling at $5.40 a share, I postulated that the shares could double within the next two years. This may prove to be too conservative given we are halfway to that prediction already.

In the article I stated the company's oil services subsidiary RockPile Energy Services was an underappreciated growth driver. In the just completed quarter, consolidated revenues at RockPile grew better than 600% Y/Y to $15.8mm.

And more:

The company is on track to achieve more than 250% revenue growth this fiscal year and analysts have almost 60% growth pegged for the next fiscal year. Given this, the stock is too cheap at less than 8x forward earnings even after its huge recent run.