TransGlobe Energy (TGA) Sees Strong Trading Volume

TransGlobe Energy Co. (NASDAQ:TGA) (TSE:TGL) saw an uptick in trading volume on Tuesday . 2,481,712 shares traded hands during mid-day trading, an increase of 667% from the previous session’s volume of 323,484 shares.The stock last traded at $3.14 and had previously closed at $3.06.

A number of brokerages have weighed in on TGA. ValuEngine upgraded shares of TransGlobe Energy from a “hold” rating to a “buy” rating in a report on Tuesday, July 10th. Zacks Investment Research upgraded shares of TransGlobe Energy from a “hold” rating to a “buy” rating and set a $2.75 price objective on the stock in a report on Thursday, June 28th. Finally, Royal Bank of Canada upgraded shares of TransGlobe Energy from a “sector perform” rating to an “outperform” rating in a report on Thursday, May 17th.

The firm has a market capitalization of $230.33 million, a price-to-earnings ratio of -10.46 and a beta of 0.88. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.11 and a current ratio of 2.67.

TransGlobe Energy (NASDAQ:TGA) (TSE:TGL) last issued its earnings results on Tuesday, August 14th. The basic materials company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.28). The firm had revenue of $68.45 million during the quarter. TransGlobe Energy had a positive return on equity of 2.88% and a negative net margin of 35.97%. analysts forecast that TransGlobe Energy Co. will post 0.02 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 14th. Stockholders of record on Friday, August 31st will be paid a $0.035 dividend. This represents a $0.14 annualized dividend and a dividend yield of 4.78%. The ex-dividend date of this dividend is Thursday, August 30th. This is an increase from TransGlobe Energy’s previous quarterly dividend of $0.03.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC lifted its stake in shares of TransGlobe Energy by 2.6% in the fourth quarter. Renaissance Technologies LLC now owns 1,767,300 shares of the basic materials company’s stock worth $2,543,000 after buying an additional 44,900 shares in the last quarter. Spark Investment Management LLC lifted its position in TransGlobe Energy by 113.0% during the second quarter. Spark Investment Management LLC now owns 138,000 shares of the basic materials company’s stock valued at $382,000 after purchasing an additional 73,200 shares during the period. DORCHESTER WEALTH MANAGEMENT Co bought a new position in TransGlobe Energy during the second quarter valued at approximately $207,000. CIBC World Markets Inc. bought a new position in TransGlobe Energy during the first quarter valued at approximately $112,000. Finally, Hillsdale Investment Management Inc. lifted its position in TransGlobe Energy by 16.9% during the first quarter. Hillsdale Investment Management Inc. now owns 1,105,968 shares of the basic materials company’s stock valued at $1,485,000 after purchasing an additional 159,600 shares during the period. Hedge funds and other institutional investors own 30.56% of the company’s stock.

TransGlobe Energy Company Profile (NASDAQ:TGA)

TransGlobe Energy Corporation, together with its subsidiaries, explores for, develops, and produces crude oil, natural gas, and natural gas liquids in Egypt and Canada. It holds working interests in West Gharib, West Bakr, North West Gharib, South Alamein, South Ghazalat, and North West Sitra production sharing concessions.

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