Canacol Energy Gets a Hold Rating from Canaccord Genuity

By Austin Angelo

In a new note to investors today, an analyst has provided a rating update for the Materials sector company, Canacol Energy (TSX: CNE). Analyst Jenny Xenos from Canaccord Genuity reiterated a Hold rating, with a C$4.75 price target.

Xenos noted:

“We are looking for a solid quarter, including FFFO of C$0.13/sh, potentially exploration drilling results, and an update on the Sabanas flowline construction. Looking for FFFO of C$0.13/sh, slightly ahead of consensus We are forecasting FFFO for the quarter of C$22.5M, or C$0.13/sh (incl. contributions from Ecuador), slightly ahead of consensus of C$0.12/sh. Our estimates are based on average production of just over 17,000 boe/d (incl. 82 mmcf/d of gas) and operating netbacks of ~$23.15/boe (6:1).”

According to, Xenos is a 3-star analyst with an average return of 5.6% and a 61.5% success rate. Xenos covers the Basic Materials sector, focusing on stocks such as Transglobe Energy Corp, Canacol Energy, and GeoPark.

Canacol Energy has an analyst consensus of Hold, with a price target consensus of C$5.03.

Canacol Energy’s market cap is currently C$733M and has a P/E ratio of 34.8.

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 Monday at C$4.33.