Scotiabank Keeps Their Buy Rating on Canacol Energy

By Ryan Adsit

Canacol Energy (TSX: CNE), the Materials sector company was revisited yesterday, and remains undervalued for at least one analyst on the street. Analyst Gavin Wylie from Scotiabank rated Canacol Energy (TSX: CNE) a Buy, setting a C$6.25 price target.

Wylie has an average return of 11.1% when recommending Canacol Energy.

According to TipRanks.com, Wylie is ranked #1898 out of 4588 analysts.

Currently, the analyst consensus on Canacol Energy is Strong Buy and the average price target is C$5.68, representing a 33.6% upside.

In a report issued on June 22, Canaccord Genuity also maintained a Buy rating on the stock with a C$5.35 price target.

Based on Canacol Energy’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$55.03 million and GAAP net loss of C$10.51 million. In comparison, last year the company earned revenue of C$31.18 million and had a net profit of C$633.3K.

Canacol Energy Ltd. operates as an international oil and gas company, which engages in the production, development, appraisal, and exploration of hydrocarbons. The company was founded by Charle A. Gamba, Luis Baena and David Anthony Winter on July 20, 1970 and is headquartered in Calgary, Canada.

The company’s shares closed on Wednesday at $4.25.