TransGlobe Energy (TGA) Rating Increased to Hold at Zacks Investment Research

TransGlobe Energy (NASDAQ:TGA) (TSE:TGL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released 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 TransGlobe Energy from a “sell” rating to a “strong sell” rating in a report on Sunday, December 31st.

Shares of TransGlobe Energy (NASDAQ TGA) opened at $1.44 on Friday. TransGlobe Energy has a 52 week low of $1.07 and a 52 week high of $1.86. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.78 and a quick ratio of 2.38.

A hedge fund recently raised its stake in TransGlobe Energy stock. Van ECK Associates Corp lifted its stake in TransGlobe Energy Co. (NASDAQ:TGA) (TSE:TGL) by 7.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 738,116 shares of the basic materials company’s stock after buying an additional 48,138 shares during the period. Van ECK Associates Corp owned about 1.02% of TransGlobe Energy worth $985,000 at the end of the most recent reporting period. 22.36% of the stock is owned by hedge funds and other institutional investors.

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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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