On March 07, Cypress Environmental Partners L.P. (CELP) stock leaped further ahead in the after-hours while it remained bullish in the regular session as well. There is no official news or SEC filing from the company behind the bullish momentum. The stock has been bullish as the Russia-Ukraine conflict continues to impact the energy industry.
During the regular session, CELP added a huge 50.00% as 5.1 million shares exchanged hands. The day’s volume was 3,347% of its 65-day average. After closing the session at a price of $2.31, the stock continued to advances further in the after hours. Consequently, the stock added a further 32.90% in the after-hours to trade at a value of $3.07 per share.
The essential midstream services provider, Cypress Environmental Partners L.P. works in the energy industry. Currently, its 12.34 million outstanding shares trade at a market capitalization of $19.01 million.
Industry New and CELP Movement
With the increasing sanctions on Russia, energy prices have been increasing momentously. As reported on Monday, energy prices (oil, etc) have reached near record highs as the Biden government continues discussions on banning Russian energy products imports. Moreover, Germany among other European countries feels the need to continue importing energy products as it is highly dependent on those for running the country. The ongoing situation has resulted in turmoil in the market with supply chain constraints further escalating it.
CELP stock has been on a bullish roll since February 28 as the energy market situation continued to unfold. The stock continued to rise on Monday as the reports of U.S. import ban discussions emerged. In the past five days alone, the stock has increased by a huge 97.44% while adding 106.19% year to date. CELP suffered a loss of 25.00% in the past year.
Q3 Financial Summary
On November 15, 2021, the company declared its financial results for the third quarter of 2021, which ended on September 30.
In the third quarter of 2021, the company’s revenue suffered a decline of 25% YOY to $32.4 million while increasing 6% sequentially.
Furthermore, CELP incurred a net loss of $0.33 per basic and diluted share in Q3 2021, against $0.04 in the year-ago period. This also includes loss from discontinued operations.
Additionally, the company reported adjusted EBITDA of $0.5 million for Q3 2021, against $3.6 million in the same quarter of 2020. This marks a decline of 85% YOY.
The company’s gross margin was $4.3 million in the third quarter of 2021.
