On March 04, Mexco Energy Corp. (MXC) stock gained a huge 84.47% during the regular session as energy prices hiked. The Russian-Ukraine conflict and supply-chain constraints have pushed energy prices to their near record highs. Consequently, the stock fell under corrections in the after-hours session.
As the energy prices hiked, investors flocked towards MXC stock to make it trade at a heavy volume of 4,890% of its average. At 7.36 million shares, the stock increased by a huge $11.42 or 84.47% during the regular session. Bound for corrections, the stock subtracted 5.77% in the after-hours. Hence, MXC stock was trading at $23.50 apiece in the after-hours on Monday.
The independent oil and gas company, Mexco Energy Corp. has a market capitalization of $52.91 million. Currently, the company has 2.12 million shares outstanding in the market.
What is happening?
As the Russia-Ukraine conflict continues, energy prices have hiked up. The reason for this hike is supply-chain constraints due to the sanctions on Russia. Russia is the biggest gas producer in the world has impacted the energy industry very much. Many expect the energy prices to further increase as the conflict remains unresolved. Thus, the price hikes in the energy industry have caused an uproar in energy stock including MXC. Therefore, as the energy prices hiked, MXC stock also witnessed an upsurge. The stock reported its 52-week high of $26.55 during the regular session on Friday, as it gained over 84%. The stock was thus bound for corrections and so, it fell under corrections in the after-hours session.
In the past five days alone, the stock has increased by a huge 97.15% while adding 165.88% year to date. Moreover, the stock added a value of 254.77% in the past year.
MXC’s Financials
On February, 08, the company declared its financial results for the three quarters which ended on December 31, 2021.
For the mentioned nine months, MXC had a net income of $1,857,136 or $0.89 on a diluted share basis. Comparatively, the company had a net loss of $261,143 or $0.13 per diluted share in the year-ago period.
Furthermore, the operating revenues of the nine months were $4,413,023 with a huge incline of 159% YOY.
Additionally, the company’s outstanding indebtedness on its bank line of credit was zero on December 31, 2021.
On February 01, the company entered into an agreement for the acquisition of certain overriding royalty interests in 75 wells (approx.). These wells are primarily operated by XTO Energy Inc.
