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BMO Upgrades Trican Rating to Outperform, Raises Price Target to C$9.00 from C$7.00

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BMO Capital Markets on Tuesday upgraded its rating on the shares of Trican Well Services (TCW.TO) to outperform from market perform and increased its price target to C$9.00 from C$7.00 following the oilfield-services company's first-quarter results.

Trican's results exceeded expectations, with a pick-up in April activity driving results higher, BMO said.

While BMO does not believe the strong quarter was commodity driven, BMO expects rising activity levels and pricing in the second half of 2026 and 2027 as producers look to increase spending.

"In our view, TCW's financial results hold some of the best torque to higher activity in the Western Canada Sedimentary Basin, while the pressure pumping supply/demand balance currently sits in a tight band," BMO said.

Price: $7.51, Change: $+0.34, Percent Change: +4.74%

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