Shares of the Tellurian Inc. (TELL) stock rallied in the intraday trading today on September 27, 2021. TELL stock price saw a push of 6.37% to reach $3.92 a share as of this writing. The trading volume as of now was nearly six million.
Tellurian Inc is a natural gas production company that runs the natural gas business across the globe. It has 72 producing wells and owns interests in 9,373 net acres of natural gas production assets. It was founded in 2016 and its headquarters are in Houston, Texas.
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What’s Happening?
There is an announcement by the Tellurian stock on today’s date to support the bullish sentiment. No analysts’ upgrades or increased targeted per share price of the TELL stock have been reported in recent times. It seems that social media discussions between investors are driving the share price of TELL stock high today. For your intuition, let’s discuss some recent events of this stock.
TELL stock named James D. Bennett to Board of Directors:
On September 27, 2021, TELL stock named James D. Bennett as an independent member of its board of directors. Mr. Bennett is the former CEO and President of SandRidge Energy, Inc. He also served GSO Capital Partners and then at White Deer Energy as a Managing Director. Currently, he is serving Tapstone Energy Inc. as the Executive Chairman and board member.
TELL stock withdrew Senior Note Offering:
At the start of September, Tellurian withdrew its underwritten public offering worth $50 million of 8.25% senior notes due 2028. This happened after the Nasdaq informed TELL stock that the latter is unable to list the bonds due to procedural interpretation. Tellurian also announced the exercise of the overallotment option by the underwriter. The underwriter exercised the overallotment option to purchase 5,250,000 shares of its common stock. The stock recorded $15.75 million additional proceeds from the exercise of the option.
Conclusion:
Tellurian stock is hot among investors so far as they are optimistic that this stock has the potential to outperform. Tellurian faced the tough days after it withdrew a $50 million debt offering but some factors still favor this stock. The stock is well capitalized and it has enough cash in hand in order to run its operations.
