Cormark Upgrades Coelacanth Energy to Moderate Buy

Cormark has raised its rating on Coelacanth Energy (CVE:CEI) to a "moderate buy" in a recent research note published on Tuesday. According to reports from Zacks.com, this upgrade comes alongside earnings estimates for the company. Cormark forecasts that Coelacanth will achieve earnings of ($0.02) per share in FY2024, $0.02 per share in FY2025, and $0.08 per share in FY2026.

In a separate development, ATB Capital Markets also elevated its rating on Coelacanth Energy to a "strong-buy" level in a report dated February 6th.

Coelacanth Energy Stock Overview

As of Tuesday, Coelacanth Energy shares were trading at C$0.84, giving the company a total market capitalization of approximately C$445.76 million. The stock has a price-to-earnings (P/E) ratio of -66.04, indicating that it is currently not profitable, and a beta of 0.98, suggesting that its volatility is in line with the overall market. Over the past year, Coelacanth's stock has hit a low of C$0.69 and a high of C$0.98, with a 50-day simple moving average standing at C$0.85.

About Coelacanth Energy

Coelacanth Energy Inc. is engaged in the exploration, acquisition, development, and production of oil and natural gas reserves, primarily located in northeastern British Columbia, Canada. The company controls around 150 net sections of Montney acreage situated in the Two Rivers region of northeastern British Columbia.

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