UPDATE: Imperial Capital Downgrades Triangle Petroleum Corporation to In-Line, Lowers PT on Extended 10-K Filing Deadline

In a report published Wednesday, Imperial Capital analyst Ann Kohler downgraded the rating on Triangle Petroleum Corporation TPLM from Outperform to In-Line, and lowered the price target from $7.50 to $5.50. In the report, Kohler noted, “We are downgrading our rating to In-Line from Outperform on TPLM and lowering our one-year price target to $5.50 from $7.50. On 4/16/13, TPLM announced that it will delay the filing of its 2012 10-K filing citing the inability to resolve outstanding comments that the company received from the SEC in concerning the appropriate consolidated accounting treatment of certain income recognized by TPLM's pressure pumping services subsidiary, RockPile Energy Services, LLC. Until the issue is resolved, we recommend that investors remain on the sidelines.” Triangle Petroleum Corporation closed on Tuesday at $5.61.