Canacol Energy (CNE) Shares Down 5.1%
Canacol Energy Ltd (TSE:CNE) dropped 5.1% during trading on Tuesday . The company traded as low as C$4.53 and last traded at C$4.71. Approximately 133,904 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 208,183 shares. The stock had previously closed at C$4.48.
CNE has been the topic of a number of recent analyst reports. Canaccord Genuity downgraded shares of Canacol Energy from a “buy” rating to a “hold” rating and dropped their price objective for the company from C$5.15 to C$4.75 in a research report on Thursday, September 21st. Eight Capital reissued a “buy” rating and issued a C$7.00 price objective on shares of Canacol Energy in a research report on Wednesday, September 27th. Scotiabank reissued an “outperform” rating and issued a C$6.25 price objective on shares of Canacol Energy in a research report on Wednesday, November 15th. Finally, CIBC downgraded shares of Canacol Energy from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from C$5.50 to C$5.00 in a research report on Thursday, November 16th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of C$5.80.
The firm has a market capitalization of $781.53, a PE ratio of 27.75 and a beta of 0.04.
About Canacol Energy
Canacol Energy Ltd. is a Canada-based oil and gas exploration and production company. The Company is engaged in petroleum and natural gas exploration and development activities in Colombia and Ecuador. It owns approximately 0.5% interest in Oleoducto Bicentenario de Colombia (OBC), which owns a pipeline system that focuses on linking Llanos basin oil production to the Cano Limon oil pipeline system.
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