Canaccord Genuity Group Upgrades Pine Cliff Energy (TSE:PNE) to Buy

Pine Cliff Energy (TSE:PNE) was upgraded by research analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The firm currently has a C$0.90 price objective on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 32.35% from the stock’s current price.

Separately, Desjardins cut their target price on Pine Cliff Energy from C$1.10 to C$0.95 and set an “outperform” rating on the stock in a research note on Wednesday, March 19th.

Pine Cliff Energy Trading Down 5.6 %

PNE stock traded down C$0.04 during mid-day trading on Thursday, reaching C$0.68. 534,384 shares of the stock traded hands, compared to its average volume of 175,450. The business has a 50-day moving average price of C$0.81 and a two-hundred day moving average price of C$0.88. The stock has a market capitalization of C$246.29 million, a PE ratio of -16.41 and a beta of 0.37. The company has a debt-to-equity ratio of 76.74, a quick ratio of 1.48 and a current ratio of 0.47. Pine Cliff Energy has a one year low of C$0.66 and a one year high of C$1.14.

About Pine Cliff Energy

Pine Cliff Energy Ltd is a Canadian natural gas focused, exploration and production company. It is mainly engaged in the exploration, development, and production of natural gas, crude oil, and natural gas liquids. The company owns a Western Canadian Sedimentary Basin, Ghost Pine/Three Hills and Camrose/Viking areas of Central Alberta, several gas assets in Southeast Alberta and Southwest Saskatchewan, non-operated properties in the Sundance, Harmattan, and Garrington areas of Alberta and others.