Coelacanth Energy (CVE:CEI) Trading Up 1.2% - Time to Buy?

Key Points

• Coelacanth Energy Inc. (CVE:CEI) shares rose by 1.2% on Friday, trading at C$0.85 despite a significant decrease in trading volume, down 65% from the average.
• The stock has received positive analyst ratings, with a consensus of "Strong Buy" and a target price of C$1.10, following upgrades from Roth Capital and Ventum Capital Markets.
• Insider trading activity includes 400,356 shares sold in the last 90 days, indicating potential concerns about the company's outlook, despite insiders holding 31.60% of the stock.

Coelacanth Energy Inc. (CVE:CEI - Get Free Report) was up 1.2% on Friday . The stock traded as high as C$0.85 and last traded at C$0.85. Approximately 33,000 shares were traded during trading, a decline of 65% from the average daily volume of 95,221 shares. The stock had previously closed at C$0.84.

Analyst Ratings Changes

Several equities research analysts have weighed in on CEI shares. Ventum Financial set a C$1.15 price objective on Coelacanth Energy and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Roth Capital set a C$1.05 price objective on Coelacanth Energy and gave the stock a "buy" rating in a research note on Monday, July 14th. Finally, Ventum Cap Mkts raised Coelacanth Energy to a "strong-buy" rating in a research note on Wednesday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to MarketBeat.com, Coelacanth Energy has an average rating of "Strong Buy" and an average price target of C$1.10.

Coelacanth Energy Price Performance

The business has a fifty day simple moving average of C$0.82 and a two-hundred day simple moving average of C$0.83. The company has a market cap of C$447.61 million, a PE ratio of -42.00 and a beta of 0.69.

Insiders Place Their Bets

In other news, Director Robert John Zakresky sold 170,573 shares of the stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of C$0.80, for a total transaction of C$136,458.40. Also, Senior Officer Jody Denis sold 54,960 shares of the stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of C$0.80, for a total value of C$43,968.00. In the last 90 days, insiders have sold 400,356 shares of company stock worth $320,493. 31.60% of the stock is currently owned by company insiders.

About Coelacanth Energy

Coelacanth Energy Inc, an oil and natural gas company, engages in the acquisition, development, exploration, and production of oil and natural gas reserves in northeastern British Columbia, Canada. The company owns approximately 150 net sections of Montney acreage located in the Two Rivers area of northeastern British Columbia.