Canaccord Genuity Lowers Pine Cliff Energy (PNE) to Speculative Buy

Pine Cliff Energy (TSE:PNE) was downgraded by research analysts at Canaccord Genuity from a “buy” rating to a “speculative buy” rating in a research note issued on Thursday. They currently have a C$0.50 price target on the stock, down from their previous price target of C$0.60. Canaccord Genuity’s price target indicates a potential upside of 78.57% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. GMP Securities cut their price target on shares of Pine Cliff Energy from C$0.40 to C$0.35 in a report on Thursday, December 13th. National Bank Financial cut their price target on shares of Pine Cliff Energy from C$0.40 to C$0.30 and set a “sector perform” rating on the stock in a report on Monday, December 10th. Finally, TD Securities reiterated an “average” rating and set a C$0.35 price target on shares of Pine Cliff Energy in a report on Monday, January 7th.

Shares of PNE opened at C$0.28 on Thursday. The company has a quick ratio of 0.81, a current ratio of 1.14 and a debt-to-equity ratio of 67.65. Pine Cliff Energy has a fifty-two week low of C$0.22 and a fifty-two week high of C$0.45.

Pine Cliff Energy (TSE:PNE) last posted its quarterly earnings results on Tuesday, November 6th. The company reported C($0.03) EPS for the quarter, meeting the Zacks’ consensus estimate of C($0.03). The firm had revenue of C$25.63 million for the quarter, compared to analysts’ expectations of C$25.10 million. Analysts predict that Pine Cliff Energy will post -0.0918367421907545 earnings per share for the current year.

In other news, insider Robert Disbrow purchased 1,000,000 shares of the business’s stock in a transaction dated Monday, December 3rd. The shares were purchased at an average price of C$0.31 per share, for a total transaction of C$310,000.00. In the last quarter, insiders have bought 1,178,000 shares of company stock worth $361,230.

About Pine Cliff Energy

Pine Cliff Energy Ltd. engages in the acquisition, exploration for, development, and production of natural gas, crude oil, and natural gas liquids in the Western Canadian Sedimentary Basin. The company primarily holds interests in natural gas assets in the Southern core area and Edson core area; and oil and natural gas assets in the Viking and Ghost Pine area of Central Alberta.

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