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Canaccord Genuity Believes TransGlobe Energy (TGL) Won’t Stop Here


In a new note to investors today, an analyst has provided a rating update for the Materials sector company, TransGlobe Energy (TSX: TGL). Analyst Jenny Xenos from Canaccord Genuity remains bullish on the stock and has a C$3.75 price target.

Xenos said:

“We expect these results to translate into reserve additions at year-end. The company is proving that there is “low-hanging- fruit” upside remaining in the Eastern Desert.”

Xenos has an average return of 68.5% when recommending TransGlobe Energy.

According to TipRanks.com, Xenos is ranked #115 out of 4829 analysts.

TransGlobe Energy has an analyst consensus of Moderate Buy, with a price target consensus of C$3.88.

Based on TransGlobe Energy’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of C$12.8 million. In comparison, last year the company had a GAAP net loss of C$17.04 million.

TransGlobe Energy Corp. engages in exploration, development, production, and acquisition of properties. It operates through the following segments: Egypt, Canada, and Corporate.

The company’s shares closed on Thursday at C$3.06, close to its 52-week high of C$3.35.