The week did not get off to a particularly great start for TransGlobe Energy Corporation (NASDAQ:TGA) as the company saw its stock tank by as much as 7.5%. There was no specific news regarding the company on Monday but it is perhaps important for investors to figure out if the latest decline might be an opportunity.
Last week the company had announced an operations update with regards to its performance in the current quarter so far. The figures revealed that the company’s performance this month up until June 21 was better than its performance in the current quarter.
TransGlobe revealed that the its production improved in its Egypt operations primarily due to higher optimization. That seems to have come as a major boost for the company since the product was higher than what the company managed during the whole of the first quarter. In addition to that, the company also provided updates with regards to its operations in other geographies.
Considering the details of the update, it could be argued that investors are supposed to have been optimistic about the future of the company. Since the stock declined yesterday, it might be the right time for investors to start tracking the news surrounding TransGlobe.
Market Reaction:
On Monday, TGA stock fell 7.41% to $2 with more than 983K shares, compared to its average volume of 296k shares. The stock has moved within a range of $1.9000 – 2.1500 after opening the trade at $2.13 Over the past 52-week, the stock has been trading within a range of $0.3700 – 2.3400.
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