Why TransGlobe Energy Corporation (TGA) stock went up on Monday?

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ESLT Stock
ESLT Stock

TransGlobe Energy Corporation (TGA) shares soared 5.02% in the after-hours on Monday and closed the daily trading at $3.35. In the regular trading session, TGA’s stock gained 0.31%. TGA shares have risen 564.58% over the last 12 months, and they have moved up 25.10% in the past week. Over the past three months, the stock has gained 73.37%, while over the past six months, it has jumped 117.01%.

Let’s have a brief discussion about its recent news.


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TGA operational update

On September 29, 2021, TransGlobe Energy Corporation (TGA) provided the following operations update.

  • Production in Canada declined naturally while awaiting the production start from recent new drilling, which is anticipated in early Q4-2021.
  • Natural production declines in Egypt Compared to Q2, 2021, due to the well optimization activities and new drilling.

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Update about TGA Mercuria agreement

The company also said that the Mercuria Prepayment Agreement was fully repaid during the quarter with the final $10 million being paid in August 2021.

TGA recent financial results

On August 06, 2021, TransGlobe Energy Corporation announced its financial and operating results for the three and six months ended June 30, 2021.

Q2 2021 financial highlights

  • TGA reported revenue of $50.6 million in Q2 2021 compared to $11.7million in Q2 2020.
  • Production and operating expenses were $19.72 million compared to $10.40 million in Q2 2020.
  • General and administrative expenses were $3.67 million in Q2 2021 compared to $3.95 million in Q2 2020.
  • It earned a net income of $7.7 million or $0.11 per share in Q2 2021 compared to $13.34 million or $0.19 per share in Q2 2020. 

Conclusion

Well, there is no recent news which could justify its positive performance on Monday. As the energy sector is picking up after the pandemic, that might be the reason behind its recent gains.

>> 7 Top Picks for the Post-Pandemic Economy << 

About the company

TransGlobe Energy Corporation is a cash flow focused oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada.

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