Transglobe Energy Corp (TGA) Rating Increased to Hold at 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 note 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 cut Transglobe Energy Corp from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $3.50.
Transglobe Energy Corp (NASDAQ TGA) opened at $1.48 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.38 and a current ratio of 2.78. Transglobe Energy Corp has a fifty-two week low of $1.07 and a fifty-two week high of $2.03.
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A number of institutional investors and hedge funds have recently modified their holdings of TGA. Van ECK Associates Corp increased 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 worth $985,000 after purchasing an additional 48,138 shares in the last quarter. Renaissance Technologies LLC increased 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 worth $2,529,000 after purchasing an additional 17,300 shares in the last quarter. Finally, Cutter & CO Brokerage Inc. increased 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 worth $158,000 after purchasing an additional 1,100 shares in the last quarter. 25.89% of the stock is owned by institutional investors and hedge funds.
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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