Pine Cliff Energy (TSE:PNE) Price Target Cut to C$1.20

Pine Cliff Energy (TSE:PNE - Get Free Report) had its target price lowered by equities research analysts at Canaccord Genuity Group from C$1.40 to C$1.20 in a research report issued to clients and investors on Wednesday, BayStreet.CA reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target would suggest a potential upside of 22.45% from the stock's current price.

A number of other equities research analysts have also recently weighed in on PNE. Stifel Nicolaus cut their price objective on shares of Pine Cliff Energy from C$1.50 to C$1.40 and set a "hold" rating on the stock in a research note on Wednesday, March 6th. Desjardins dropped their price target on shares of Pine Cliff Energy from C$1.50 to C$1.25 and set a "buy" rating on the stock in a research report on Friday, March 22nd.

Pine Cliff Energy Price Performance

Shares of TSE PNE remained flat at C$0.98 during midday trading on Wednesday. 220,234 shares of the company were exchanged, compared to its average volume of 351,354. Pine Cliff Energy has a fifty-two week low of C$0.94 and a fifty-two week high of C$1.68. The stock's 50 day moving average is C$1.06 and its 200-day moving average is C$1.30. The company has a current ratio of 0.48, a quick ratio of 1.48 and a debt-to-equity ratio of 62.18. The firm has a market capitalization of C$349.17 million, a P/E ratio of 32.67 and a beta of 0.52.

Insiders Place Their Bets

In other Pine Cliff Energy news, Director Philip Blake Hodge purchased 25,000 shares of the company's stock in a transaction on Thursday, March 7th. The shares were purchased at an average cost of C$1.02 per share, for a total transaction of C$25,402.50. Over the last three months, insiders have acquired 33,900 shares of company stock worth $37,525. 20.42% of the stock is owned by corporate insiders.

About Pine Cliff Energy

Pine Cliff Energy Ltd. engages in the acquisition, exploration, development, and production of natural gas and crude oil in the Western Canadian Sedimentary Basin. The company primarily holds interest in oil and gas properties in the Viking and Ghost Pine area of Central Alberta, as well as in the Southern Alberta, Southern Saskatchewan, and Edson areas.