Energy Development Gains, Set for Highest Close in Five Weeks

Energy Development Corp. (EDC) advanced for a sixth day in Manila trading, set for the longest winning streak in five months, after reiterated a buy rating on the stock.

Shares of the geothermal energy producer climbed 2.5 percent to 5.73 pesos as of 11:05 a.m. local time, heading for the highest close since Feb. 6.

“Energy Development’s valuation is still very compelling,” said George Ching, analyst at Manila-based Citisec. He forecast the stock will rise to 8.36 pesos in 12 months. Thirteen of 16 analysts recommend investors own the shares, while three have sell ratings.

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