Transglobe Energy Corp (NASDAQ:TGA) (TSE:TGL)’s share price dropped 15.2% during trading on Tuesday . The company traded as low as $2.19 and last traded at $2.24. Approximately 1,550,644 shares were traded during mid-day trading, an increase of 921% from the average daily volume of 151,829 shares. The stock had previously closed at $2.64.
TGA has been the topic of a number of analyst reports. Zacks Investment Research cut shares of Transglobe Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, March 13th. Royal Bank of Canada upgraded shares of Transglobe Energy from a “sector perform” rating to an “outperform” rating in a research report on Thursday, May 17th.
The stock has a market capitalization of $161.02 million, a P/E ratio of -8.00 and a beta of 0.78. The company has a current ratio of 2.67, a quick ratio of 2.11 and a debt-to-equity ratio of 0.34.
Several hedge funds have recently added to or reduced their stakes in TGA. DekaBank Deutsche Girozentrale increased its position 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 acquiring an additional 804,231 shares during the period. Russell Investments Group Ltd. increased its position in shares of Transglobe Energy by 58.4% in the first quarter. Russell Investments Group Ltd. now owns 660,837 shares of the basic materials company’s stock valued at $887,000 after acquiring an additional 243,649 shares during the period. Hillsdale Investment Management Inc. increased its position in shares of Transglobe Energy by 16.9% in 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 acquiring an additional 159,600 shares during the period. CIBC World Markets Inc. purchased a new position in shares of Transglobe Energy in the first quarter valued at about $112,000. Finally, Renaissance Technologies LLC increased its position 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 valued at $2,543,000 after acquiring an additional 44,900 shares during the period. Hedge funds and other institutional investors own 29.12% of the company’s stock.
About Transglobe Energy
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.
Receive News & Ratings for Transglobe Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Transglobe Energy and related companies with MarketBeat.com's FREE daily email newsletter.