UPDATE: Topeka Capital Markets Initiates Coverage on Triangle Petroleum Corporation with Buy Rating, $9 PT on Vertical Integration Model

In a report published Wednesday, Topeka Capital Markets analyst Gabriele Sorbara initiated coverage on Triangle Petroleum Corporation

with a Buy rating and $9.00 price target. In the report, Sorbara noted, “We are initiating coverage of Triangle Petroleum (TPLM) with a Buy rating and price target of $9.00 per share. TPLM is an early stage Bakken/Three Forks player with significant leverage and should benefit from the vertical integration model via its subsidiaries, Rockpile Energy Services, a pressuring pumping subsidiary and Caliber Midstream, which offers full service pipeline solutions. As these subsidiaries mature, we believe they could become a source of capital, which would be used to accelerate the Bakken and Three Forks development. With the Company's balance sheet fortified with funding from private equity capital from Natural Gas Partners and the planned drilling ramp up in the Bakken/Three Forks, we are projecting growth of 178.2% and 80.4% for FY2014 and FY2015, respectively.” Triangle Petroleum Corporation closed on Tuesday at $6.80.