Remaining highly volatile and fluctuating up and down with energy prices, Camber Energy Inc. (CEI) is once again on the rise as oil prices rebound.
On April 26, oil prices saw a rebound after plummeting to their lowest in two weeks. This uptick in oil prices resulted in CEI stock trading higher in the after-hours while it suffered losses in the prior session. The stock after losing 4.33% in regular trading, reached $0.82 apiece as it added 7.14% in the after-hours. An active volume of 1.37 million shares was responsible for the rebound in the stock.
There is no recent announcement from the company.
Let’s have a look at the situation
Tuesday proved to be a difficult day for all indices as all of them closed lower except the S&P 500 energy index. The index rose 0.05% as oil prices rebounded after slumping down in the past weeks.
Earlier, oil and energy prices had been rallying huge due to tight supplies stemming from the Russian invasion of Ukraine. The global energy demand outlook due to prolonged Covid-19 lockdowns in China, the second-largest economy in the world, and the spiking interest rates in the U.S. in recent weeks had been raising concerns that gave a blow to oil prices.
But thanks to reports stating China’s plans to support its economy against the Covid-19 lockdown and added sanctions on Russian energy imports, oil prices saw a rebound on Tuesday. Further reports stated that the Russian gas supply to Poland would be halted Wednesday, indicating an escalation of tensions between Russia, Ukraine, and the West.
Hence, with oil prices once again on the rise, many energy sector stocks particularly oil and gas also saw a rebound on Tuesday.
CEI and Oil & Gas Prices
CEI being an oil and gas stock below $5 i.e. penny stock, has been actively moving up and down with the slightest change in oil prices. Early in 2022, as oil prices surged to new highs, CEI also amassed huge gains which were then followed by losses as the oil prices started going down on rising tensions.
Currently, the stock is once again responding to the uptick in oil prices as there is no news from the company to suggest otherwise.
Despite being an active penny stock, CEI has been raising some concerns regarding its listing on the NYSE. Having long been in non-compliance with NYSE due to the late filing of its financial reports, the company has been on an acquisition spree without disclosing the associated dilution and plans regarding capitalizing on the acquisitions. The company now has roughly three weeks to file its delayed reports.
On the other hand, with as much as $100 million in financing from an institutional investor, CEI has much flexibility to continue growth.