On March 07, Orbital Energy Group Inc. (OEG) stock remained bullish throughout the day to trade at $2.37 in the after-hours session. With no recent news or SEC filing, OEG has remained highly volatile due to the overall energy market situation.
The stock witnessed some heavy trading on Monday as investors flocked towards it. At 10.44 million shares volume, OEG went up by 31.08% during the regular session. Thus, the stock closed the session in the green at a price of $1.94 per share. OEG continued to gain in the after-hours to reach a value of $2.37 per share. The stock was able to add a further 22.16% in the after-hours as 902.26K shares exchanged hands.
The global electro-mechanical products and technologies developer, Orbital Energy Group Inc. was founded in 1998. Currently, the company has a market capitalization of $98.65 million with its 66.65 million shares outstanding.
What Happened?
OEG stock being a part of the energy industry has been volatile over the past few weeks. The reason for this volatility has been the ongoing situation in the market. The increasing sanctions on Russia, supply chain constraints, soaring energy prices are all contributing factors. Monday’s reports of the possible energy import ban on Russia from the U.S. seems to be the reason for the recent bullishness. If the ban is imposed, the U.S. will likely suffer from a further energy crisis and hence sources like solar and wind energy will be much needed. Therefore, OEG stock ran a bullish roll on Monday as the reports emerged.
In the past five days, the stock has increased by 22.01% while adding 34.72% last month. Moreover, OEG stock stands at a year-to-date loss of 11.42% while it subtracted 62.11% last year.
OEG Company News
On February 24, the company announced the signing of an EPC contract by Orbital Solar Services (OSS) and Jingoli Power LLC. Orbital Solar Services is the company’s wholly-owned subsidiary while Jingoli Power LLC is its Joint Venture Partner. The parties have initiated the construction of a 130MWdc/100MWac solar farm in Alabama for Lightsource bp. Lightsource is a solar and storage developer and operator on a global utility-scale.
OEG’s Financials
In Q3 2021, the company reported revenues of $30.9 million, against $13.6 million in the year-ago period.
Moreover, OEG had an operating loss of $11.7 million in the quarter while the gross profit was $3.8 million.
