Canacol Energy Confirms Gas Reserves Audit Results

An update from Canacol Energy ( (TSE:CNE) ) is now available.

Canacol Energy Ltd. announced the results of an audit conducted by DeGolyer and MacNaughton on its gas reserves in Colombia, revealing slight discrepancies with previous estimates by BGEC. The audit found minor differences in the estimated proved developed producing, proved developed, and total proved reserves, with a negative variance of up to 7.7% in total proved reserves. Despite these differences, the audit confirms that Canacol’s reserve estimates are largely consistent with DeGolyer and MacNaughton’s findings, providing stakeholders with a reliable assessment of the company’s gas reserves and future revenue potential.

The most recent analyst rating on (TSE:CNE) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Canacol Energy stock, see the TSE:CNE Stock Forecast page.

Spark’s Take on TSE:CNE Stock

According to Spark, TipRanks’ AI Analyst, TSE:CNE is a Neutral.

The overall stock score is primarily impacted by financial performance challenges, including negative net profit margin and high leverage. Technical analysis indicates bearish momentum, further weighing on the score. While the valuation suggests the stock is undervalued, the lack of a dividend yield and mixed earnings call sentiment contribute to a cautious outlook.

To see Spark’s full report on TSE:CNE stock, click here.

More about Canacol Energy

Canacol is a natural gas and oil exploration and production company with operations focused in Colombia. The Corporation’s common stock trades on the Toronto Stock Exchange, the OTCQX in the United States of America, and the Colombia Stock Exchange under ticker symbol CNE, CNNEF, and CNE.C, respectively.

Average Trading Volume: 65,127

Technical Sentiment Signal: Strong Sell

Current Market Cap: C$52.2M

See more insights into CNE stock on TipRanks’ Stock Analysis page.