Scotiabank Reiterates Sector Perform Rating for TransGlobe Energy Co. (TGA)
TransGlobe Energy Co. (NASDAQ:TGA)‘s stock had its “sector perform” rating reiterated by stock analysts at Scotiabank in a research report issued on Wednesday. They currently have a $3.50 price objective on the stock. Scotiabank’s price objective indicates a potential upside of 68.27% from the company’s current price.
A number of other research analysts also recently issued reports on the company. Canaccord Genuity restated a “buy” rating on shares of TransGlobe Energy in a research note on Thursday, August 11th. TD Securities restated a “buy” rating and issued a $3.75 price objective (up previously from $3.50) on shares of TransGlobe Energy in a research note on Monday, August 15th. Finally, Zacks Investment Research downgraded TransGlobe Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, September 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $3.10.
TransGlobe Energy (NASDAQ:TGA) opened at 2.0801 on Wednesday. The company’s 50-day moving average is $1.95 and its 200 day moving average is $1.82. TransGlobe Energy has a 12 month low of $1.00 and a 12 month high of $3.10. The firm’s market cap is $150.19 million.
TransGlobe Energy (NASDAQ:TGA) last announced its quarterly earnings data on Thursday, August 11th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by $0.07. Equities research analysts expect that TransGlobe Energy will post ($0.50) EPS for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Emerald Acquisition Ltd. purchased a new position in shares of TransGlobe Energy during the second quarter worth approximately $974,000. Acadian Asset Management LLC boosted its position in shares of TransGlobe Energy by 210.5% in the second quarter. Acadian Asset Management LLC now owns 635,829 shares of the company’s stock worth $1,163,000 after buying an additional 431,065 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of TransGlobe Energy by 27.1% in the first quarter. Renaissance Technologies LLC now owns 1,092,500 shares of the company’s stock worth $1,814,000 after buying an additional 233,100 shares during the period. Numeric Investors LLC bought a new stake in shares of TransGlobe Energy during the second quarter worth about $101,000. Finally, Spark Investment Management LLC boosted its stake in shares of TransGlobe Energy by 21.4% in the first quarter. Spark Investment Management LLC now owns 244,000 shares of the company’s stock worth $407,000 after buying an additional 43,000 shares during the period.
About TransGlobe Energy
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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