Why I own Canacol Energy Canacol Energy
This blog has generally focused on mining stocks for the past couple years. I continue to look at opportunities in the mining space but feel the oil and gas space is tremendously undervalued at the moment and therefore have found an opportunity in https://www.pennyminingstocks.com/why-i-own-canacol-energy-cnetsxv/.
I purchased shares of Canacol Energy (CNE:TSX) at $2.50 on January 6th. The stock closed at $2.36 on February 12th so I am slightly underwater.
Here is why.
- Production increases. Canacol is expected to quadruple natural gas production this quarter. Strong cash flow is expected.
2. Insider buying. Insiders have been buying recently in the open market.
3. Drilling catalyst. A new well was drilled recently (Oboe 1) and results are expected in the next couple weeks. Positive results would lead to a share price re rating.
4. Updated Reserve Report. Every year oil and gas companies issues an updated reserve report. This is expected in the next 6 weeks.
As you can see lots of irons in the fire for Canacol shareholders in the next 6 weeks before the end of the quarter. If everything comes together I can see the stock easily move over $3 in the short term.
*** This is not investment advice and is only what I am doing with my own money. Please do your own due diligence and consult a licensed investment before buying Canacol stock. It’s your money and your responsibility.
Post found here https://www.pennyminingstocks.com/why-i-own-canacol-energy-cnetsxv/