CIBC Sticks to Their Hold Rating for Pine Cliff Energy

By Jason Carr

Wall Street analyst has provided a review for the Materials company today, but retained the same rating on the stock. CIBC’s analyst David Popowich reiterates their Hold rating on the shares of Pine Cliff Energy (TSX: PNE), with a C$0.80 price target.

According to TipRanks.com, Popowich is ranked #3245 out of 4573 analysts.

Currently, the analyst consensus on Pine Cliff Energy is Moderate Buy and the average price target is C$1.05, representing a 36.4% upside.

In a report issued on June 5, Desjardins also reiterated a Hold rating on the stock with a C$0.85 price target.

Based on Pine Cliff Energy’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$31.68 million and GAAP net loss of C$2.54 million. In comparison, last year the company earned revenue of C$25.83 million and had a GAAP net loss of C$16.18 million.

Pine Cliff Energy Ltd. is an oil and gas exploration company, which engages in the exploration and development of crude oil; natural gas and liquids. It engages in the business of exploring for metals with assets located in Utah, Ontario, Northwest Territories and Nunavut. The company was founded on November 10, 2004 and is headquartered in Calgary, Canada.

The company’s shares closed last Tuesday at $0.77.