Zacks Investment Research Upgrades Transglobe Energy Corp (TGA) to Hold

Transglobe Energy Corp (NASDAQ:TGA) (TSE:TGL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “TransGlobe Energy Corporation (TGA) is an oil exploration and production company. It is a Calgary-based, growth-oriented oil and gas exploration and development company. TransGlobe is dedicated on improving productivity through promoting good oilfield development and exploitation practices including the implementation of industry leading secondary and tertiary recovery methods as well as improvements to production and transportation infrastructure. The Company conducts its operations through the Arab Republic of Egypt segment. It is primarily engaged in oil exploration, development, production and the acquisition of properties. TransGlobe Energy Corporation, through its subsidiaries, explores for, develops, and produces crude oil and natural gas liquids in Egypt and Canada. It holds working interests in West Gharib, West Bakr, North West Gharib, South West Gharib, South East Gharib, South Ghazalat, South Alamein, and North West Sitra production sharing contracts. “

Shares of Transglobe Energy Corp (TGA) opened at 1.20 on Wednesday. The company’s market cap is $86.65 million. The company’s 50 day moving average price is $1.30 and its 200 day moving average price is $1.48. Transglobe Energy Corp has a 12 month low of $1.16 and a 12 month high of $2.18.

Transglobe Energy Corp (NASDAQ:TGA) (TSE:TGL) last announced its quarterly earnings results on Monday, August 14th. The basic materials company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.08. Transglobe Energy Corp had a negative return on equity of 10.87% and a negative net margin of 119.18%. The company had revenue of $40.44 million for the quarter. On average, equities analysts expect that Transglobe Energy Corp will post ($0.55) EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp increased its position in shares of Transglobe Energy Corp by 7.0% in the second quarter. Van ECK Associates Corp now owns 738,116 shares of the basic materials company’s stock worth $985,000 after buying an additional 48,138 shares in the last quarter. Cutter & CO Brokerage Inc. boosted its stake in Transglobe Energy Corp by 0.9% in the second quarter. Cutter & CO Brokerage Inc. now owns 117,978 shares of the basic materials company’s stock valued at $158,000 after buying an additional 1,100 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Transglobe Energy Corp by 1.1% in the first quarter. Renaissance Technologies LLC now owns 1,621,400 shares of the basic materials company’s stock valued at $2,529,000 after buying an additional 17,300 shares during the last quarter. Brandes Investment Partners LP boosted its stake in Transglobe Energy Corp by 773.3% in the first quarter. Brandes Investment Partners LP now owns 140,598 shares of the basic materials company’s stock valued at $219,000 after buying an additional 124,498 shares during the last quarter. Finally, Sunbelt Securities Inc. boosted its stake in Transglobe Energy Corp by 61.3% in the first quarter. Sunbelt Securities Inc. now owns 86,055 shares of the basic materials company’s stock valued at $134,000 after buying an additional 32,705 shares during the last quarter. Institutional investors own 28.42% of the company’s stock.

About Transglobe Energy Corp

TransGlobe Energy Corporation is an oil exploration and production company. The Company’s activities are concentrated in the Arab Republic of Egypt (Egypt). The Company conducts its operations through the Arab Republic of Egypt segment. The Company is primarily engaged in oil exploration, development, production and the acquisition of properties.

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