Logan Energy (CVE:LGN) Shares Up 3.2% - Time to Buy?

Key Points

• Logan Energy shares jumped 3.2% to C$0.97 (intraday high C$0.98) on Wednesday, with volume of 1,094,048 shares—about 63% above the average session volume.
• Several brokers recently upgraded the stock—Scotiabank and CIBC to Strong Buy and ATB Cormark to Moderate Buy—leading to a MarketBeat consensus of Strong Buy and a target price of C$1.21.
• Logan Energy is a Calgary-based oil and gas exploration/production company with a market cap of C$670.8M, a P/E of 16.17, and a high beta of 5.15, signaling elevated volatility.

Logan Energy Corp. (CVE:LGN - Get Free Report) shares shot up 3.2% on Wednesday . The company traded as high as C$0.98 and last traded at C$0.97. 1,094,048 shares were traded during trading, an increase of 63% from the average session volume of 670,904 shares. The stock had previously closed at C$0.94.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on LGN. Scotiabank upgraded shares of Logan Energy to a "strong-buy" rating in a research note on Thursday, March 12th. ATB Cormark Capital Markets upgraded shares of Logan Energy to a "moderate buy" rating in a research note on Tuesday, February 17th. Finally, Canadian Imperial Bank of Commerce upgraded shares of Logan Energy from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 11th. Three investment analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Strong Buy" and a consensus target price of C$1.21.

Logan Energy Stock Performance

The business's 50-day moving average price is C$0.91 and its 200-day moving average price is C$0.84. The stock has a market cap of C$670.83 million, a P/E ratio of 16.17 and a beta of 5.15.

Logan Energy Company Profile

Logan Energy Corp. engages in the exploration, development and production of crude oil and natural gas properties. The company holds interest in the Simonette and Pouce Coupe properties in northwest Alberta; and the Flatrock property in northeastern British Columbia. Logan Energy Corp. was incorporated in 2023 and is headquartered in Calgary, Canada.

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