Canaccord Genuity reiterated its "Buy" on TransGlobe Energy (Nasdaq:TGA), citing several important elements to justify their ongoing confidence in the company.
"TransGlobe has no external funding requirements, a strong balance sheet and extensive resource upside potential in Egypt both through the application of fracture stimulating techniques at the company’s Arta Field and the expanding boundaries of the overall Nukhul Formation," said Canaccord.
Transglobe closed Tuesday at $7.86, down $0.05, or 0.63 percent.
Canaccord has a price target of C$10 on TransGlobe.
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