Short Interest in TransGlobe Energy Co. (NASDAQ:TGA) Declines By 42.4%

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TransGlobe Energy Co. (NASDAQ:TGA) (TSE:TGL) saw a significant drop in short interest in the month of March. As of March 13th, there was short interest totalling 76,600 shares, a drop of 42.4% from the February 27th total of 133,000 shares. Based on an average daily volume of 236,400 shares, the short-interest ratio is presently 0.3 days. Currently, 0.1% of the shares of the company are short sold.

A number of large investors have recently made changes to their positions in the stock. Renaissance Technologies LLC raised its stake in TransGlobe Energy by 1.5% during the fourth quarter. Renaissance Technologies LLC now owns 3,116,913 shares of the basic materials company’s stock worth $4,301,000 after acquiring an additional 47,446 shares in the last quarter. Sunbelt Securities Inc. boosted its stake in shares of TransGlobe Energy by 161.2% in the 3rd quarter. Sunbelt Securities Inc. now owns 80,853 shares of the basic materials company’s stock valued at $108,000 after purchasing an additional 49,902 shares in the last quarter. Finally, UBS Asset Management Americas Inc. grew its holdings in shares of TransGlobe Energy by 25.0% during the 4th quarter. UBS Asset Management Americas Inc. now owns 815,184 shares of the basic materials company’s stock valued at $1,125,000 after purchasing an additional 162,890 shares during the last quarter. 34.52% of the stock is currently owned by institutional investors and hedge funds.

Several analysts have weighed in on TGA shares. ValuEngine cut shares of TransGlobe Energy from a “hold” rating to a “sell” rating in a research note on Monday, March 9th. Canaccord Genuity restated a “buy” rating on shares of TransGlobe Energy in a research note on Monday, February 10th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $4.00 price objective on shares of TransGlobe Energy in a report on Monday, December 23rd.

Shares of TransGlobe Energy stock opened at $0.40 on Friday. The company has a quick ratio of 1.44, a current ratio of 1.96 and a debt-to-equity ratio of 0.18. TransGlobe Energy has a 12-month low of $0.32 and a 12-month high of $2.01. The company has a market capitalization of $30.50 million, a price-to-earnings ratio of -8.00 and a beta of 1.23. The firm’s 50-day moving average price is $0.94 and its two-hundred day moving average price is $1.21.

TransGlobe Energy (NASDAQ:TGA) (TSE:TGL) last issued its earnings results on Thursday, March 12th. The basic materials company reported ($0.11) EPS for the quarter. TransGlobe Energy had a negative net margin of 1.92% and a negative return on equity of 1.84%. The firm had revenue of $64.20 million during the quarter.

TransGlobe Energy Company Profile

TransGlobe Energy Corporation, together with its subsidiaries, engages in the exploration, development, and production of crude oil and natural gas in Egypt and Canada. The company holds an interest in five production sharing concessions, including West Gharib, West Bakr, South Alamein, NW Gharib, and South Ghazalat, Egypt; and owns production and working interests in facilities in the Cardium light oil and Mannville liquid-rich gas assets in the Harmattan area of west central Alberta, Canada.

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