Transglobe Energy Corp (TGA) Stock Rating Upgraded by Zacks Investment Research
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 Saturday.
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 lowered shares of Transglobe Energy Corp from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $3.50.
Shares of Transglobe Energy Corp (NASDAQ:TGA) opened at $1.48 on Friday. Transglobe Energy Corp has a 1-year low of $1.07 and a 1-year high of $2.03. The company has a current ratio of 2.78, a quick ratio of 2.38 and a debt-to-equity ratio of 0.37.
Institutional investors have recently modified their holdings of the company. Cutter & CO Brokerage Inc. increased its stake in shares of Transglobe Energy Corp by 0.9% during the second quarter. Cutter & CO Brokerage Inc. now owns 117,978 shares of the basic materials company’s stock worth $158,000 after acquiring an additional 1,100 shares during the period. Van ECK Associates Corp grew its position in Transglobe Energy Corp by 7.0% during 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 during the period. Finally, Renaissance Technologies LLC grew its position in Transglobe Energy Corp by 1.1% during the first quarter. Renaissance Technologies LLC now owns 1,621,400 shares of the basic materials company’s stock worth $2,529,000 after buying an additional 17,300 shares during the period. Institutional investors and hedge funds own 24.81% 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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