Pine Cliff Energy Ltd (PNE) Cut to Hold at Industrial Alliance Securities

Industrial Alliance Securities downgraded shares of Pine Cliff Energy Ltd (TSE:PNE) from a buy rating to a hold rating in a report published on Friday.

Several other research firms have also commented on PNE. TD Securities lowered shares of Pine Cliff Energy from a buy rating to a hold rating and dropped their price objective for the stock from C$1.05 to C$0.85 in a research note on Friday, June 30th. Clarus Securities reaffirmed a buy rating on shares of Pine Cliff Energy in a research note on Tuesday, October 24th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of C$1.28.

Shares of Pine Cliff Energy (PNE) opened at 0.51 on Friday. Pine Cliff Energy has a 12-month low of $0.49 and a 12-month high of $1.22. The company’s market capitalization is $156.61 million. The company’s 50-day moving average is $0.60 and its 200-day moving average is $0.70.

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In other news, insider Robert Disbrow acquired 50,000 shares of the company’s stock in a transaction on Thursday, September 21st. The stock was bought at an average cost of C$0.66 per share, with a total value of C$33,000.00. Insiders have acquired 437,500 shares of company stock valued at $264,685 over the last ninety days.

Pine Cliff Energy Company Profile

Pine Cliff Energy Ltd. (Pine Cliff) is a Canada-based oil and gas exploration and production company. The Company is engaged in the exploration, development and production of oil and natural gas in the Western Canadian Sedimentary Basin (WCSB). It is also involved in the exploration for precious metals through its subsidiaries.

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