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 CitisecOnline.com 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.

To contact the reporter on this story: Ian Sayson in Manila at isayson@bloomberg.net

To contact the editor responsible for this story: Matthew Oakley at moakley@bloomberg.net