TransGlobe Energy Down 7% As Falling Crude, Yemen Concerns Weigh
TransGlobe Energy Corp (TGL.TO) is sinking to its lowest point of the day, with shares falling nearly 6% to $12.77 each, one of the deepest percentage drops among TSX-listed oil and gas companies today.
There has been no company-specific news involving TransGlobe although most energy stocks have been sliding today with declines in crude oil prices. The stock also may be under some pressure from the ongoing turmoil in Yemen, where Transglobe has operations and Yemeni President Ali Abdullah Saleh is fighting to retain power amid popular unrest.
TransGlobe is scheduled to release Q1 earnings on Monday.
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