This week Petroteq Energy Inc (OTCMKTS:PQEFF) is expected to be in considerable focus among investors after the stock had emerged as a major gainer last Thursday and ended the day with gains of as much as 55%.
Trading Data
On Thursday, PQEFF stock gained 10% to $0.17 with more 2.94 million shares, compared to its average volume of 4.46 million shares. The stock has moved within a range of $0.1526 – 0.2438 after opening trade at $0.1526.
Key Details
The company is best known for its proprietary oil extraction and remediation procedures. Last Thursday the company made an announcement with regards to the reserve and economic evaluation report in relation to its bitumen properties located in Utah. In this regard, it is also necessary to point out that Petroteq had also announced on Thursday that that lease at Asphalt Ridge NW is yet to be completed.
The report in question is mainly focussed on the bitumen reserves that are present at the bitumen properties. It is clear to see that the report had led to considerable optimism among investors and that was possibly the reason behind the rally in the Petroteq stock o Thursday. It now remains to be seen if the stock can manage to hold on to its momentum and continue to add to its gains over the course of the coming days. It may be a good idea to add the stock to your watch lists.
Key Quote
Dr. Gerald Bailey, Petroteq CEO, commented, “Once the assignment of the Asphalt Ridge NW Leases to our subsidiary TMC Capital has been finalized, they will provide the Company with a significant asset base from which we can further expand our ability to implement our eco-friendly extraction technology and accelerate commercial oil production”.
Technical Data
PQEFF stock is trading above the 20-Day and 50-Day Moving averages of $0.15 and $0.16 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.12. The stock is up 28% in the past week.
