Pine Cliff Energy (TSE:PNE) Shares Cross Below 50-Day Moving Average - Here's What Happened

Pine Cliff Energy Ltd. (TSE:PNE - Get Free Report)'s share price crossed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of C$0.71 and traded as low as C$0.52. Pine Cliff Energy shares last traded at C$0.53, with a volume of 191,010 shares changing hands.

Analysts Set New Price Targets

PNE has been the topic of a number of research reports. Canaccord Genuity Group upgraded Pine Cliff Energy from a "hold" rating to a "buy" rating and set a C$0.90 price target on the stock in a research note on Thursday, April 3rd. Desjardins lowered their target price on shares of Pine Cliff Energy from C$1.10 to C$0.95 and set an "outperform" rating on the stock in a research report on Wednesday, March 19th.

Pine Cliff Energy Trading Down 5.3 %

The company has a 50 day simple moving average of C$0.70 and a 200 day simple moving average of C$0.83. The stock has a market capitalization of C$195.58 million, a PE ratio of -13.03 and a beta of 0.37. The company has a current ratio of 0.47, a quick ratio of 1.48 and a debt-to-equity ratio of 76.74.

Pine Cliff Energy Cuts Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, April 30th. Investors of record on Wednesday, April 30th will be issued a dividend of $0.0013 per share. This represents a $0.02 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend is Tuesday, April 15th. Pine Cliff Energy's dividend payout ratio is presently -144.83%.

About Pine Cliff Energy

Pine Cliff Energy Ltd is a Canadian natural gas focused, exploration and production company. It is mainly engaged in the exploration, development, and production of natural gas, crude oil, and natural gas liquids. The company owns a Western Canadian Sedimentary Basin, Ghost Pine/Three Hills and Camrose/Viking areas of Central Alberta, several gas assets in Southeast Alberta and Southwest Saskatchewan, non-operated properties in the Sundance, Harmattan, and Garrington areas of Alberta and others.