TransAtlantic Petroleum Shares Jumped: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of oil and natural gas producer TransAtlantic Petroleum (ASE: TAT) jumped as much as 10.4% today on brisk volume.
So what:Oil stocks, including TransAtlantic, fell hard on Monday due to a variety of world events and a capsized Russian drilling rig over the weekend. The bounces today are largely in proportion to yesterday's drops; SandRidge Energy (NYS: SD) , for example, is up 7% after falling 7.4% on Monday. TransAtlantic is making up for an 8.4% drop.
Now what: This is a small-cap oil operator with a volatile stock. You can often look at TransAtlantic and similar rivals such as Hyperdynamics (NYS: HDY) or Miller Energy Resources (NYS: MILL) to get an amplified picture of current market sentiment for the petroleum industry. The company is looking for oil in some risky places, but the payoff can be huge.
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At the time this article was published
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