Investment analysts at Global Hunter Securities cut their price target on shares of Transatlantic Petroleum Limited (NYSE: TAT) to $1.75 in a note issued to investors on Friday. They currently have a “buy” rating on the company’s shares.
TransAtlantic Petroleum Ltd., formerly TransAtlantic Petroleum Corp., is an international oil and gas company engaged in the acquisition, development, exploration, and production of crude oil and natural gas. The Company holds interests in developed and undeveloped oil and gas properties in Turkey, Morocco, Romania, and California. It owns its own drilling rigs and oilfield service equipment, which it uses to develop its properties in Turkey and Morocco. In addition, it provides oilfield services and contract drilling services to third parties in Turkey. As of March 15, 2010, TransAtlantic Petroleum Ltd. was producing an aggregate of approximately 2,500 gross barrels of oil per day from the Selmo and Arpatepe oil fields. On July 23, 2009, the Company’s wholly owned subsidiary, TransAtlantic Worldwide Ltd., acquired all of the ownership interests in Energy Operations Turkey, LLC (EOT). During the year ended December 31, 2009, it acquired Incremental Petroleum Limited.
Transatlantic Petroleum Limited traded down 0.79% on Friday, hitting $1.25. Transatlantic Petroleum Limited has a 52-week low of $0.57 and a 52-week high of $3.59. The stock has a 50-day moving average of $1.27 and a 200-day moving average of $1.17. The company’s market cap is $457.2 million.
