Transglobe Energy (TGL) Shares Up 11.6%

Transglobe Energy Corp (TSE:TGL) (NYSE:TGA)’s share price shot up 11.6% during trading on Wednesday . The stock traded as high as C$3.19 and last traded at C$3.18. 320,558 shares traded hands during mid-day trading, an increase of 321% from the average session volume of 76,195 shares. The stock had previously closed at C$2.85.

Several brokerages recently issued reports on TGL. Scotiabank set a C$2.75 price target on shares of Transglobe Energy and gave the company a “sector perform” rating in a report on Tuesday, January 30th. Canaccord Genuity lifted their price target on shares of Transglobe Energy from C$3.00 to C$3.50 in a report on Wednesday, April 11th. Finally, Royal Bank of Canada raised shares of Transglobe Energy from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from C$3.00 to C$4.00 in a report on Thursday, May 17th.

Transglobe Energy (TSE:TGL) (NYSE:TGA) last announced its quarterly earnings results on Wednesday, March 7th. The company reported C$0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of C($0.06) by C$0.15. The company had revenue of C$92.66 million for the quarter, compared to analyst estimates of C$84.41 million. Transglobe Energy had a negative net margin of 15.28% and a negative return on equity of 12.83%.

In related news, Director Steven William Sinclair purchased 20,000 shares of the firm’s stock in a transaction that occurred on Friday, May 11th. The shares were bought at an average cost of C$2.48 per share, with a total value of C$49,600.00.

About Transglobe Energy

TransGlobe Energy Corporation, together with its subsidiaries, explores for, develops, and produces crude oil, natural gas, and natural gas liquids in Egypt and Canada. It holds working interests in West Gharib, West Bakr, North West Gharib, South Alamein, South Ghazalat, and North West Sitra production sharing concessions.

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