JPMorgan analyst Rodolfo Angele downgraded Canacol Energy to Underweight from Neutral without a price target. The firm says the cancellation of Jobo-Medellin pipeline and the contracts with EPM increase uncertainties on the company as well as production issues. The analyst is no longer comfortable maintaining a Neutral rating on the story, saying the financial challenges presented in Q4 and negative free cash flow are further clouding Canacol’s outlook.
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