TD Securities downgraded shares of Canacol Energy Ltd. (TSE:CNE) from an action list buy rating to a buy rating in a report released on Tuesday morning. The brokerage currently has C$5.50 price objective on the oil and gas exploration company’s stock.
CNE has been the subject of several other reports. Scotiabank reiterated an outperform rating and set a C$5.00 price objective on shares of Canacol Energy in a research note on Tuesday, June 7th. Canaccord Genuity boosted their target price on shares of Canacol Energy from C$5.25 to C$5.75 in a research report on Friday, July 29th. Royal Bank Of Canada initiated coverage on shares of Canacol Energy in a research report on Tuesday, September 6th. They set a sector perform rating for the company. RBC Capital Markets set a C$4.60 target price on shares of Canacol Energy and gave the company a sector perform rating in a research report on Tuesday, September 6th. Finally, Mackie boosted their target price on shares of Canacol Energy from C$5.50 to C$6.00 and gave the company a buy rating in a research report on Friday, August 12th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of Buy and an average target price of C$5.26.
Canacol Energy (TSE:CNE) opened at 4.32 on Tuesday. The company’s market cap is $738.28 million. The firm’s 50 day moving average is $4.21 and its 200 day moving average is $4.01. Canacol Energy has a 12-month low of $1.97 and a 12-month high of $4.64.
About Canacol Energy
Canacol Energy Ltd. is a Canada-based oil and gas exploration and production company. The Company is engaged in petroleum and natural gas exploration and development activities in Colombia and Ecuador. It owns approximately 0.5% interest in Oleoducto Bicentenario de Colombia (OBC), which owns a pipeline system that focuses on linking Llanos basin oil production to the Cano Limon oil pipeline system.
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