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Analysts at Raymond James assumed coverage on shares of TransGlobe Energy (NYSE:TGA) in a research report issued to clients and investors on Friday, reports. The firm set an “outperform” rating on the stock.

The analysts wrote, “We are initiating coverage of TransGlobe Energy Corp. (previously covered by Raymond James Ltd.). Among E&P companies with a U.S. listing, TransGlobe is one of the few offering pure-play overseas exposure. “The Egypt portfolio has its issues, including delayed receivables, but we like 1) the low-risk drilling program with exploration optionality; and 2) free cash flow that supports a juicy dividend yield. Bearing in mind the deep value multiples, we are initiating with an Outperform rating and a High Risk suitability rating.”

TGA has been the subject of a number of other recent research reports. Analysts at TheStreet downgraded shares of TransGlobe Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, June 11th. Separately, analysts at Zacks downgraded shares of TransGlobe Energy from a “neutral” rating to an “underperform” rating in a research note on Monday, May 12th. They now have a $6.40 price target on the stock. Finally, analysts at TD Securities cut their price target on shares of TransGlobe Energy from C$11.50 to C$11.00 in a research note on Thursday, May 8th. They now have a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $10.77.

TransGlobe Energy (NYSE:TGA) traded up 2.67% during mid-day trading on Friday, hitting $7.30. The stock had a trading volume of 43,710 shares. TransGlobe Energy has a one year low of $5.52 and a one year high of $9.66. The stock’s 50-day moving average is $7.01 and its 200-day moving average is $7.63. The company has a market cap of $545.4 million and a price-to-earnings ratio of 11.83.

The company also recently declared a quarterly dividend, which is scheduled for Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date of this dividend is Wednesday, June 11th.

TransGlobe Energy Corporation (NYSE:TGA) is an independent international upstream oil and gas company.

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