TAG Oil (TSE:TAO) Shares Down 33.3%

TAG Oil Ltd (TSE:TAO) dropped 33.3% during trading on Monday . The company traded as low as C$0.13 and last traded at C$0.13. Approximately 63,400 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 119,400 shares. The stock had previously closed at C$0.20.

Wall Street Analysts Forecast Growth

Separately, Echelon Wealth Partners set a C$1.10 target price on TAG Oil and gave the company a “speculative buy” rating in a research report on Tuesday, February 27th.

TAG Oil Trading Down 33.3 %

The firm’s 50-day simple moving average is C$0.13. The company has a market cap of C$11.10 million and a PE ratio of 1.86. The company has a debt-to-equity ratio of 0.26, a current ratio of 81.24 and a quick ratio of 81.14.

Insider Activity

In related news, Director Abdel Fattah Badwi bought 80,000 shares of the business’s stock in a transaction dated Monday, January 29th. The stock was purchased at an average cost of C$0.38 per share, for a total transaction of C$30,400.00.

About TAG Oil

TAG Oil Ltd. engages in the exploration, development, and production of oil and gas in Canada, New Zealand, and Australia. The company operates eight exploration and production permits in New Zealand; and an exploration and production permit in Australia. It holds interests in the Taranaki basin located in New Zealand; and a 100% interests in the Petroleum Lease 17 permit that covers 25,700 acres area located in the Surat Basin in Australia.