On March 07, Camber Energy Inc. (CEI) stock surge further in the premarket as the Russia-Ukraine conflict continue to impact the industry. At the last check, the stock was trading at a value of $1.05 per share in the premarket.
In the previous trading session on Friday, the stock was able to add a good 31.94%. At a heavy volume of 187.89 million shares, the stock closed the session at a price of $0.78 per share. At the time of writing, CEI stock had increased by a further 34.62% in the premarket as 8.7 million shares exchanged hands, on Monday.
The independent oil and natural gas company, Camber Energy Inc. is based in Houston, TX. With a market capitalization of $195 million, currently, the company has 104.2 million shares outstanding.
What’s up with CEI?
CEI stock has remained highly volatile over the past few weeks as the Russia-Ukraine conflict continued to impact the energy industry. The supply-chain constraints due to sanctions against the biggest oil supplier, Russia have caused a hike in energy prices. Thus, causing the stock to see sudden bursts of gains followed by profit booking and corrections.
On Monday, early morning bbc.com reported an upsurge in the price of crude oil as it reached its highest level since 2008. As per the report, U.S. Secretary of State, Antony Blinken said that the government and its allies are discussing a possible ban on oil supplies from Russia. The worrisome situation causing a hike in energy prices has the stock markets going bonkers. While most share markets saw a downfall recently, certain energy stocks did enjoy some good gains. Among the gainers, CEI also enjoyed some nice gains on Friday and so far continued to do in today’s premarket session.
In the past five days, the stock has added 10.01% while increasing by a good 44.44% last month.
Company News
Recently, the company announced the acquisition of 51% interested in certain entities by its subsidiary, Viking Energy Group, Inc. Those entities own intellectual property rights to proprietary Electric Transmission and Distribution Open Conductor Detection Systems. The fully developed, patent-pending systems detect a break in the transmission line, distributions line, or coupling failure. Furthermore, it immediately terminates the power to the line before the issue reaches the ground.
Previously, on February 15, CEI also reported receiving an extension till April 1, 2022, from NYSE to submit its outstanding delayed financial reports.
