Pine Cliff Energy (TSE:PNE) Price Target Lowered to C$0.30 at Canaccord Genuity

Pine Cliff Energy (TSE:PNE) had its price target reduced by Canaccord Genuity from C$0.50 to C$0.30 in a research report sent to investors on Tuesday, BayStreet.CA reports.

A number of other equities research analysts also recently commented on PNE. GMP Securities reiterated a buy rating and set a $22.25 price target on shares of SPDR Wells Fargo Preferred Stock ETF in a report on Friday, June 28th. TD Securities lowered their price target on shares of Total Energy Services from C$11.50 to C$10.00 and set a hold rating for the company in a report on Friday, May 10th. Finally, National Bank Financial lifted their price target on shares of Yamana Gold from C$3.75 to C$4.00 and gave the stock a sector perform rating in a report on Friday, May 10th.

Shares of TSE PNE opened at C$0.18 on Tuesday. The stock has a market capitalization of $59.00 million and a P/E ratio of -0.86. Pine Cliff Energy has a 12 month low of C$0.16 and a 12 month high of C$0.45. The company has a current ratio of 1.29, a quick ratio of 1.07 and a debt-to-equity ratio of 116.57. The business’s 50-day moving average price is C$0.18.

Pine Cliff Energy (TSE:PNE) last issued its quarterly earnings results on Wednesday, May 8th. The company reported C($0.02) EPS for the quarter, hitting analysts’ consensus estimates of C($0.02). The firm had revenue of C$32.06 million for the quarter, compared to analysts’ expectations of C$28.40 million. As a group, analysts expect that Pine Cliff Energy will post -0.08 EPS for the current fiscal year.

In other news, insider Robert Disbrow purchased 450,000 shares of the stock in a transaction dated Monday, June 10th. The stock was acquired at an average cost of C$0.18 per share, for a total transaction of C$81,000.00. Following the completion of the acquisition, the insider now directly owns 19,162,083 shares in the company, valued at approximately C$3,449,174.94. Over the last quarter, insiders have bought 538,500 shares of company stock valued at $98,030.

About Pine Cliff Energy

Pine Cliff Energy Ltd. engages in the acquisition, exploration, 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 and Edson areas; and oil and natural gas assets in the Viking Kinsella and Ghost Pine area of Central Alberta.

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