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Permex Petroleum Corporation ( (TSE:OIL) ) has provided an announcement.
Permex Petroleum Corporation has entered into a non-binding Memorandum of Understanding with Chisos Ltd. to potentially secure up to $25 million in development capital. This funding aims to enhance Permex’s core assets in the Permian Basin, with an initial tranche of $10 million to drill eight vertical wells. The partnership is seen as a significant vote of confidence in Permex’s asset quality and operational capabilities, potentially increasing enterprise value for shareholders.
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, characterized by negative revenue growth and profitability issues. Technical analysis indicates bearish momentum, while valuation metrics highlight significant concerns due to a negative P/E ratio and lack of dividends. These factors collectively suggest a high-risk investment.
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 assets and 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: 4,269
Technical Sentiment Signal: Hold
Current Market Cap: C$2.59M
For a thorough assessment of OIL stock, go to TipRanks’ Stock Analysis page.