Petro River Oil Corp. (OTCBB:PTRC) Climbs On Financial News
After a few booming sessions for the stock of Petro River Oil Corp. (OTCBB:PTRC) in the middle of November, things quieted down and the company stock was hovering around $0.050 price per share.
The volumes were not great and the company rarely registered trade values above $50 thousand. Yesterday, however, PTRC posted their financial report for the quarterly period ending October 31 and registered the highest volume of traded stock in more than 3 years, while making a decent jump.
The ticker climbed a good 33.33% in value, going from $0.055 to $0.066, while more than 7.1 million shares switched hands, generating a dollar volume of $487 thousand, the highest in more than 3 months of trading.
This was expected, considering the numbers contained in the published financial report.
- cash: $4.1 million
- current assets: $4.2 million
- total assets: $17.9 million
- current liabilities: $1.4 million
- total liabilities: $1.8 million
- quarterly revenue: $87 thousand
- net income: $483 thousand
It may seem good that the company finally recorded some net income, but it is due to officer share based compensation and not the actual business of the company. Furthermore, when looking at the six month period ended October 31, we can see that the net loss has increased by 30% compared to the same period in 2012.
The company also annouced a $6.5 million investment from Petrol Lakes Holding Limited, a newly formed investment group in China of which we managed to find no actual information apart from PTRC‘s announcement.
In any case, be sure to do a lot of due diligence and weigh out the risks, because PTRC remains volatile and can turn in any direction.
Growlife Inc. (OTCBB:PHOT) also had a great session yesterday in which their stock gained 20% in value on quite a lot of traded shares. Nutranomics, Inc. (OTCBB:NNRX) weren’t that fortunate and their stock slid a whopping 37% down.
