Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Permex Petroleum Corporation ( (TSE:OIL) ) has provided an announcement.
Permex Petroleum Corporation has entered into an option agreement to acquire oil and natural gas wells from a group including Navidad Petroleum and TMR Exploration. This acquisition aligns with Permex’s strategy to expand its gas production and integrate Bitcoin mining operations, potentially enhancing its asset base and diversifying its hydrocarbon reserves.
The most recent analyst rating on (TSE:OIL) stock is a Hold with a C$4.50 price target. To see the full list of analyst forecasts on Permex Petroleum Corporation stock, see the TSE:OIL Stock Forecast page.
Spark’s Take on TSE:OIL Stock
According to Spark, TipRanks’ AI Analyst, TSE:OIL is a Neutral.
Permex Petroleum Corporation’s overall stock score is primarily impacted by its poor financial performance and concerning valuation metrics. The technical analysis offers a neutral outlook, but the lack of positive financial indicators and valuation concerns weigh heavily on the score.
To see Spark’s full report on TSE:OIL stock, click here.
More about Permex Petroleum Corporation
Permex Petroleum Corporation is a junior oil and gas company with operations in the Permian Basin. The company focuses on developing oil and gas assets with a strategic emphasis on integrating Bitcoin mining operations alongside hydrocarbon production.
Average Trading Volume: 4,451
Technical Sentiment Signal: Hold
Current Market Cap: C$2.54M
For a thorough assessment of OIL stock, go to TipRanks’ Stock Analysis page.