Transglobe Energy Corp (TGA) Stock Rating Lowered by Zacks Investment Research

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

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. “

Separately, ValuEngine cut shares of Transglobe Energy Corp from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. Transglobe Energy Corp presently has a consensus rating of “Hold” and an average price target of $3.50.

Transglobe Energy Corp (NASDAQ TGA) opened at 1.51 on Friday. Transglobe Energy Corp has a 1-year low of $1.07 and a 1-year high of $2.16. The company’s market capitalization is $109.03 million. The stock has a 50 day moving average price of $1.28 and a 200-day moving average price of $1.38.

Transglobe Energy Corp (NASDAQ:TGA) (TSE:TGL) last issued its earnings results on Monday, August 14th. The basic materials company reported $0.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.08. The company had revenue of $40.44 million for the quarter. Transglobe Energy Corp had a negative net margin of 119.18% and a negative return on equity of 10.87%. Equities analysts predict that Transglobe Energy Corp will post ($0.34) earnings per share for the current year.

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A number of institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC raised its holdings in Transglobe Energy Corp by 1.1% in the 1st quarter. Renaissance Technologies LLC now owns 1,621,400 shares of the basic materials company’s stock valued at $2,529,000 after acquiring an additional 17,300 shares during the period. Van ECK Associates Corp raised its holdings in Transglobe Energy Corp by 7.0% in the 2nd quarter. Van ECK Associates Corp now owns 738,116 shares of the basic materials company’s stock valued at $985,000 after acquiring an additional 48,138 shares during the period. Russell Investments Group Ltd. bought a new position in Transglobe Energy Corp in the 1st quarter valued at about $1,094,000. Finally, Cutter & CO Brokerage Inc. raised its holdings in Transglobe Energy Corp by 0.9% in the 2nd quarter. Cutter & CO Brokerage Inc. now owns 117,978 shares of the basic materials company’s stock valued at $158,000 after acquiring an additional 1,100 shares during the period. 27.79% of the stock is currently owned by hedge funds and other institutional investors.

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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