TransGlobe Energy (TGA) Shares Gap Up After Dividend Announcement

TransGlobe Energy Co. (NASDAQ:TGA) (TSE:TGL) gapped up before the market opened on Wednesday after the company announced a dividend. The stock had previously closed at $2.95, but opened at $3.07. TransGlobe Energy shares last traded at $2.93, with a volume of 28744 shares trading hands.

The newly announced dividend which will be paid on Friday, September 14th. Investors of record on Friday, August 31st will be issued a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a yield of 4.56%. This is an increase from TransGlobe Energy’s previous quarterly dividend of $0.03. The ex-dividend date is Thursday, August 30th.

TGA has been the topic of a number of recent analyst reports. 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. Zacks Investment Research upgraded shares of TransGlobe Energy from a “hold” rating to a “buy” rating and set a $2.25 target price on the stock in a report on Thursday, May 17th. Finally, ValuEngine downgraded shares of TransGlobe Energy from a “buy” rating to a “hold” rating in a report on Thursday, August 2nd.

The firm has a market capitalization of $230.33 million, a price-to-earnings ratio of -10.96 and a beta of 0.88. The company has a current ratio of 2.67, a quick ratio of 2.11 and a debt-to-equity ratio of 0.34.

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 for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.28). The firm had revenue of $68.45 million for the quarter. TransGlobe Energy had a positive return on equity of 2.88% and a negative net margin of 35.97%. equities research analysts forecast that TransGlobe Energy Co. will post 0.02 EPS for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC increased its holdings in shares of TransGlobe Energy by 52.4% in the second quarter. Renaissance Technologies LLC now owns 2,919,767 shares of the basic materials company’s stock valued at $8,087,000 after purchasing an additional 1,004,367 shares during the last quarter. DekaBank Deutsche Girozentrale increased its holdings in shares of TransGlobe Energy by 2,297.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 839,231 shares of the basic materials company’s stock valued at $1,111,000 after purchasing an additional 804,231 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of TransGlobe Energy by 570.8% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 699,235 shares of the basic materials company’s stock valued at $1,935,000 after purchasing an additional 595,000 shares during the last quarter. FMR LLC increased its holdings in shares of TransGlobe Energy by 1,249.0% in the second quarter. FMR LLC now owns 337,255 shares of the basic materials company’s stock valued at $934,000 after purchasing an additional 312,255 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new position in shares of TransGlobe Energy in the second quarter valued at $732,000. Institutional investors and hedge funds own 30.56% of the company’s stock.

About TransGlobe Energy (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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