Shares of the TransGlobe Energy Corporation (TGA) were declining in the premarket today following the announcement of third-quarter 2021 financial results. TGA stock price saw a decline of 3.75% to drop at $2.57 a share at the time of this writing. The stock was green in the previous trade and went up by 2.69% at closing with a $2.67 per share price. Let’s take a closer look at recent happenings.
Top 5 Tech Stocks to Buy in 2024
Don't let the chaos of rising interest rates, potential recession, tighter credit issues, higher oil prices, and incessant geopolitical issues chase you from the markets. Instead, just wait it out. With too much fear in the market, go bargain hunting with tech stocks. We have complied a report with the five of the best ways to profit within this industry.
"Top 5 AI Stocks to Buy in 2024."
Click here to sign up for our free report & newsletter, plus bonus offer "Elon Musk just Tiggered a BOOM in These Stocks"
Sponsored
TransGlobe Energy Corporation is involved in the production of natural gas and crude oil in Egypt and Canada. The TGA stock has a current market value of $193.68 million and a 423,501 average trading volume.
Third Quarter 2021 Financial Results:
- TGA stock reported average sales of 14,868 boe/d that also include the sale of 307.5 Mbbls to EGPC for $20.9 million in net proceeds. Net proceeds from the one cargo lifting of 499.6 Mbbls of entitlement crude oil were $33.3 million.
- TransGlobe reported a $60.85/boe average realized price for the sales of the third quarter of 2021. For Egyptian sales, the average realized price was $64.73/bbl and $36.82/boe for Canadian sales.
- The company reported $12.4 million in funds flow from operations in the third quarter of 2021.
- TGA stock recorded net earnings of $37.1 million or $0.51 per share in the third quarter of 2021.
- By the end of the reported quarter, TransGlobe had $54.0 million in cash and $17.7 million in working capital.
Operational Developments of TGA stock:
- TGA stock reported average production of 13,342 barrels of oil equivalent per day during the three months ended September 30, 2021. The Egyptian and Canadian production was 11,276 barrels of oil per day and 2,066 boe/d during the reported quarter.
- The company produced an average of 13,882 barrels of oil equivalent per day in October 2021. This represents an increase of 4% from the third quarter of 2021.
- TGA stock drilled two wells development oil wells at West Bakr and one at Northwest Gharib in the Eastern Desert, Egypt. The company drilled well on SGZ-7B prospect at South Ghazalat in Western Desert, Egypt.
- In the South Harmattan, at TransGlobe’s Cardium reservoir extension, two 1 mile and one 2 mile horizontal wells had been drilled, completed, and equipped by the TGA stock.
Wrap Up:
It seems that investors are not happy with the release of the third-quarter 2021 financial results of the TGA stock. However, the stock has progressed well in this year as it gained approximately 193% year to date.
