Canacol Energy Ltd. (TSE:CNE)‘s stock had its “outperform” rating reaffirmed by equities researchers at Scotiabank in a research note issued on Thursday. They currently have a C$5.50 target price on the oil and gas exploration company’s stock. Scotiabank’s price target points to a potential upside of 30.33% from the stock’s current price.

Several other analysts also recently issued reports on CNE. TD Securities increased their price objective on shares of Canacol Energy from C$5.00 to C$5.50 and gave the company an “action list buy” rating in a research report on Thursday, June 23rd. Canaccord Genuity increased their price objective on shares of Canacol Energy from C$5.25 to C$5.75 in a research report on Friday, July 29th. Mackie increased their price objective 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. Royal Bank Of Canada started coverage on shares of Canacol Energy in a research report on Tuesday, September 6th. They issued a “sector perform” rating for the company. Finally, RBC Capital Markets set a C$4.60 price objective on shares of Canacol Energy and gave the company a “sector perform” rating in a research report on Tuesday, September 6th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of C$5.26.

Analyst Recommendations for Canacol Energy (TSE:CNE)

Canacol Energy (TSE:CNE) traded up 1.18% during mid-day trading on Thursday, reaching $4.27. 102,395 shares of the company traded hands. Canacol Energy has a 52-week low of $1.97 and a 52-week high of $4.64. The firm’s 50-day moving average is $4.22 and its 200 day moving average is $3.97. The stock’s market capitalization is $729.74 million.

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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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