Pine Cliff Energy (TSE:PNE) Hits New 12-Month Low – Here’s What Happened

Pine Cliff Energy Ltd. (TSE:PNE)’s share price reached a new 52-week low on Thursday . The stock traded as low as C$0.66 and last traded at C$0.68, with a volume of 531384 shares. The stock had previously closed at C$0.72.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PNE shares. Canaccord Genuity Group upgraded Pine Cliff Energy from a “hold” rating to a “buy” rating and set a C$0.90 price objective on the stock in a research note on Thursday. Desjardins cut their price objective on shares of Pine Cliff Energy from C$1.10 to C$0.95 and set an “outperform” rating for the company in a report on Wednesday, March 19th.

Pine Cliff Energy Stock Performance

The stock has a 50-day simple moving average of C$0.80 and a 200-day simple moving average of C$0.88. The stock has a market cap of C$220.94 million, a P/E ratio of -14.72 and a beta of 0.37. The company has a debt-to-equity ratio of 76.74, a current ratio of 0.47 and a quick ratio of 1.48.

Pine Cliff Energy Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Wednesday, April 30th will be issued a $0.0013 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $0.02 dividend on an annualized basis and a yield of 2.56%. Pine Cliff Energy’s payout ratio is presently -144.83%.

Pine Cliff Energy Company Profile

Pine Cliff Energy Ltd is a Canadian natural gas focused, exploration and production company. It is mainly engaged in the exploration, development, and production of natural gas, crude oil, and natural gas liquids. The company owns a Western Canadian Sedimentary Basin, Ghost Pine/Three Hills and Camrose/Viking areas of Central Alberta, several gas assets in Southeast Alberta and Southwest Saskatchewan, non-operated properties in the Sundance, Harmattan, and Garrington areas of Alberta and others.