As the earnings season continues, there are going to be many companies which are going to announce its financial results and investors need to take a look at some of the select ones. That brings us to the subject of Canacol Energy Inc (OTCMKTS:CNNEF), which announced its financial results for the fiscal quarter that had ended on March 31, 2022.
On Thursday, CNNEF stock fell 1.56% to $1.97 with more than 16.3K shares, compared to its average volume of 16.5K shares. The stock moved within a range of $1.9600 – 1.9900 after opening trading at $1.99.
Canacol Energy Ltd. Reports an Adjusted EBITDAX of $49.6 million and a Net Income of $24.4 million in Q1 2022
In this situation, it could be a good idea for investors to consider taking a look at the highlights from the financial results and then make their minds up about the stock.
The company announced that the transportation, net of royalties and gas revenues expenses actually went up by as much as 10% to $64.3 million during the quarter. Despite that, the company managed to swing back to profit as it generated a net income of as much as $24.3 million.
In the prior year period, Canacol had suffered a loss of $3.1 million. The natural gas operating netback came in at $3.58 mcf and that reflected a year on year rise of as much as 7%. It may be a good idea for investors to consider adding the Canacol Energy stock to their watch lists at this point.
CNNEF stock is trading below the 20-Day and 50-Day Moving averages of $2.26 and $2.44 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.59.