Coelacanth Energy, Inc. ( (TSE:CEI) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
Coelacanth Energy, Inc.’s stock has been on the rise due to a significant increase in its 2024 year-end reserves, nearly doubling from the previous year. This growth is fueled by drilling additional wells and expanding infrastructure to enhance production capacity, particularly in the Montney formation in Canada. Despite reporting a net loss, the company has shown strong revenue growth from increased oil and natural gas sales, supported by a $52 million revolving bank credit facility. However, concerns about profitability and cash flow have led to a neutral technical outlook and overvaluation worries, even amidst positive corporate developments and stakeholder alignment.
More about Coelacanth Energy, Inc.
YTD Price Performance: -6.02%
Average Trading Volume: 167,464
Technical Sentiment Signal: Buy
Current Market Cap: C$420.4M
For further insights into CEI stock on TipRanks’ Stock Analysis page.
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