TransGlobe Energy (TGA) Downgraded by Zacks Investment Research to Hold
TransGlobe Energy (NASDAQ:TGA) (TSE:TGL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
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 lowered shares of TransGlobe Energy from a “sell” rating to a “strong sell” rating in a report on Sunday, December 31st.
A hedge fund recently raised its stake in TransGlobe Energy stock. Van ECK Associates Corp lifted its holdings in shares of TransGlobe Energy Co. (NASDAQ:TGA) (TSE:TGL) by 7.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 738,116 shares of the basic materials company’s stock after purchasing an additional 48,138 shares during the period. Van ECK Associates Corp owned 1.02% of TransGlobe Energy worth $985,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 22.36% of the company’s stock.
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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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