Stocks may often clock considerable news without any apparent reason and when that happens, it is perhaps important for investors to figure out if the rally is speculative in nature or not.
There has been no news about the company in the past month but the Comstock Resources Inc (NYSE:CRK) stock has emerged as one of the notable mover in that period. During that period, the stock has managed to deliver gains of as much as 65% amidst heavy interest. That being said, it might be the right time to take a look at the company’s performance in the quarter ended on June 30, 2021. The results had been announced back on August 3, 2021.
The company generated net income of as much as $55 million in the quarter that ended on June 30, 2021 and that worked out to earnings of $0.22 per diluted share. On the other hand, Comstock also managed to boost its production capabilities significantly. The company managed to clock average production of as much as 1387 MMCfe a day, which reflected a rise of as much as 8% on a sequential basis and 6% on a year on year basis.
One more oil & gas company to consider is Allied Energy Group (OTCMKTS:AGYP). Yesterday it emerged that the company had struck oil and was on the verge of beginning production at its Green Lease Site. It becomes quite clear that the latest news is massively important for Allied Energy. The news also led to a change in dynamics in the market as the short sellers went into panic and eventually had to rush to cover their short positions. In this context, it should be noted that a short squeeze might be in play in the stock at this point.
