TransGlobe Energy (TGA) Announces Earnings Results

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TransGlobe Energy (NASDAQ:TGA) (TSE:TGL) posted its quarterly earnings results on Thursday. The basic materials company reported ($0.09) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.27), Morningstar.com reports. TransGlobe Energy had a positive return on equity of 4.40% and a negative net margin of 5.01%. The business had revenue of $42.63 million for the quarter.

Shares of NASDAQ TGA traded down $0.05 during midday trading on Friday, reaching $2.17. 167,938 shares of the company traded hands, compared to its average volume of 535,749. The stock has a market cap of $174.01 million, a PE ratio of -7.75 and a beta of 1.20. TransGlobe Energy has a 12 month low of $1.21 and a 12 month high of $4.13. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.67 and a current ratio of 2.92.

A number of brokerages have issued reports on TGA. TheStreet raised TransGlobe Energy from a “d” rating to a “c” rating in a report on Friday, September 7th. BidaskClub cut TransGlobe Energy from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 20th. Zacks Investment Research cut TransGlobe Energy from a “buy” rating to a “hold” rating in a report on Wednesday, September 19th. Finally, ValuEngine raised TransGlobe Energy from a “hold” rating to a “buy” rating in a report on Tuesday, September 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $2.75.

Several hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC lifted its holdings in shares of TransGlobe Energy by 147.6% during the third quarter. FMR LLC now owns 835,035 shares of the basic materials company’s stock valued at $2,786,000 after acquiring an additional 497,780 shares during the period. BlackRock Inc. lifted its holdings in shares of TransGlobe Energy by 276.4% during the third quarter. BlackRock Inc. now owns 52,702 shares of the basic materials company’s stock valued at $176,000 after acquiring an additional 38,700 shares during the period. Hillsdale Investment Management Inc. lifted its holdings in shares of TransGlobe Energy by 6.0% during the third quarter. Hillsdale Investment Management Inc. now owns 3,046,788 shares of the basic materials company’s stock valued at $10,171,000 after acquiring an additional 173,800 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of TransGlobe Energy by 3.7% during the third quarter. Janus Henderson Group PLC now owns 6,585,000 shares of the basic materials company’s stock valued at $22,073,000 after acquiring an additional 235,000 shares during the period. Finally, EAM Global Investors LLC bought a new position in shares of TransGlobe Energy during the third quarter valued at $3,663,000. 34.54% of the stock is owned by institutional investors.

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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.

Further Reading: Why do earnings reports matter?

Earnings History for TransGlobe Energy (NASDAQ:TGA)

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