Shares of Pine Cliff Energy Ltd. (TSE:PNE) fell 1.8% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as C$0.53 and last traded at C$0.54. 2,195,675 shares traded hands during trading, an increase of 547% from the average session volume of 339,224 shares. The stock had previously closed at C$0.55.
Specifically, insider Robert Disbrow purchased 39,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 31st. The shares were acquired at an average price of C$0.67 per share, for a total transaction of C$26,130.00. In the last quarter, insiders purchased 437,500 shares of company stock worth $262,885.
PNE has been the topic of a number of analyst reports. TD Securities decreased their target price on shares of Pine Cliff Energy from C$0.85 to C$0.80 and set a “hold” rating on the stock in a research report on Friday, August 11th. Industrial Alliance Securities lowered shares of Pine Cliff Energy from a “buy” rating to a “hold” rating in a research report on Friday, October 27th. Finally, Clarus Securities restated a “buy” rating on shares of Pine Cliff Energy in a research report on Tuesday, October 24th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of C$1.18.
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About Pine Cliff Energy
Pine Cliff Energy Ltd. (Pine Cliff) is a Canada-based oil and gas exploration and production company. The Company is engaged in the exploration, development and production of oil and natural gas in the Western Canadian Sedimentary Basin (WCSB). It is also involved in the exploration for precious metals through its subsidiaries.
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