There were some stocks that had ended up with eye-catching gains on Wednesday and one of those was the Foothills Exploration Inc (OTCMKTS:FTXP) stock, which clocked gains of as much as 45% amidst heavy interest.
Trading Data
On Wednesday, FTXP stock surged 45% to $0.0003 with more than 510.60 million shares, compared to its average volume of 66.82 million shares. The stock moved within a range of $0.0002 – 0.0003 after opening trade at $0.0002.
Foothills Exploration Inc. Delivers second consecutive quarter of double-digit revenue growth
The oil and gas exploration company was in the news yesterday after it announced its financial results for the fiscal quarter that ended on June 30, 2022. In light of such gains, it may be a good idea for investors to take a look at some of the highlights from the quarterly results. The company reported revenues to the tune of $468,000 in the quarter and that reflected a sequential rise of 72% from the revenues of $271,000 in the quarter that ended on March 31, 2022.
In the six months that ended on June 30, 2022, Foothills Exploration managed to bring in gross revenues of $739,000, and that reflected a year-on-year rise of as much as 82%. On the other hand, the ratio of expenses to revenues actually declined to 1.84 in the first half of the year. In the prior year period, it had been 2.69 and hence, it reflected a decline of as much as 32%. It remains to be seen if the stock continues to add to its gains today.
Key Quote
Foothills’ Executive Chairman, Kevin J. Sylla, commented, “we are pleased to report that our second quarter 2022 results represent a significant improvement over the prior year and we demonstrated solid growth over last quarter. We not only meaningfully increased production revenue, but we acquired assets in the Mid-Continent that provide us with multiple opportunities to grow our production profile in the near future, said Sylla. “Looking ahead, we plan to leverage our operational expertise and relationships to seek out underdeveloped and underappreciated assets to acquire that add to the reserve base, increase free cash flow, and which can add to our development inventory,” closed Sylla.
Technical Data
FTXP stock is trading below the 20-Day and 50-Day Moving averages of $.0003 and $0.0003 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0005. The company has a total market capitalization of $3.37 million. The stock is down 50% over the past 6-month.
