On March 07, Barnwell Industries Inc. (BRN) filed a Schedule 14A with Notice of Annual Meeting of Stockholders with the SEC. The company also announced the resignation of a director. The stock remained bullish in both the regular and after-hours sessions on the day.
During the regular trading session, BRN stock fluctuated between a high of $5.24 and a low of $3.48. The stock closed the session in the green at $4.88 as 16.92 million shares exchanged hands. The day’s volume remained super active at 4,284% of its average. Following this, the stock increased by a further 12.50% in the after-hours. Hence, BRN stock was trading at $5.49 in the after-hours on Monday. The stock had just reported its 52-week high of %5.24 during the regular session which it surpassed in the after hours. Thus, the stock reported a new high in the after hours.
The oil and natural gas exploration company, Barnwell Industries Inc. also engages in land investment and contract drilling services.
Recent Developments
As per Monday’s filing, the company will be holding its Annual Meeting of Stockholders on
Additionally, BRN also announced that Mr. Colin R. O’Farrel has resigned from the company for pursuing other opportunities. Before this, the company had also filed a Form 144, Notice of Proposed Sale of Securities with the SEC on March 04.
BRN stock has been bullish since Friday; while the company did file Form 144 on Friday, it seems the recent filings and news aren’t the sole drivers behind its bullishness. Reports have been circulating since Friday that the Biden Government and allies are discussing a ban on Russian energy products import. With the hike in energy prices and already imposed sanctions, the recent reports have added a further crisis factor in the market. Subsequently, energy stocks have been very volatile with most adding big gains. It seems BRN stock has also been bullish due to the ongoing market situation as energy prices hiked up and are expected to increase further.
BRN’s Financial Analysis
On February 11, the company declared its financial results for the first quarter which ended on December 31, 2021.
BRN had net earnings of $1,073,000 OR $0.11 per share in the quarter ended December 31, 2021. Comparatively, the company had $584,000 or $0.07 per share in the year-ago quarter.
Moreover, the company had working capital of $10,676,000 including $12,142,000 of cash and cash equivalents, at the end of the quarter.
