Oil and gas firm 88 Energy Ltd (OTCMKTS:EEENF) has had a forgettable time in the capital markets in recent times and the trend remained the same yesterday as the company’s stock declined by as much as 3%.
On Thursday, EEENF stock moved down 2.75% to $0.0212 with more than 18.22 million shares, compared to its average volume of 42.91 million shares. The stock has moved within a range of $0.0212 – 0.0221 after opening trade at $0.0218.
88 Energy on-track for Merlin well spud in February
That took the cumulative decline in the stock over the course of the past week to as much as 8%. While the stock has declined it is perhaps also necessary to point out that there has been no news at all about the company in recent times and the last time it had been in the news cycle was back on December 16, 2021.
At that time, the company had announced that it was on course to complete the Spud Merlin 2 appraisal at some point in February of 2022. 88 Energy noted at the time that it had also updated its business operations in Alaska. It was a significant announcement from the company and it is now going to be interesting to see if the stock get on to the radars of investors as February approaches.
In light of the decline in the stock in the past days, it may be a good time for investors to keep an eye on the price action before making any move.
EEENF stock is trading above the 20-Day and 50-Day Moving averages of $0.0207 and $0.0197 respectively. However, the stock is trading below the 200-Day moving average of $0.0222. The stock is up 9% in the past month.