Shares of Camber Energy, Inc. (CEI) rose today on September 28, 2021. CEI stock price saw a push of 8.82% to reach $2.96 a share at the time of this writing. The stock went high in the previous trade by 33.33% bringing per share price $2.72 at closing. Let’s understand what really the CEI stock is and why it is gaining today.
Camber Energy is the oil and natural gas stock that operates by the development and selling of natural gas, crude oil, and natural gas liquids. It has 33,442 million barrels reserves of oil and 207,823 million cubic feet reserves of natural gas.
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There is no news or press release by the CEI stock today to justify the bullish sentiment. No analysts’ upgrades or increased per-share price of CEI stock have been reported in recent times. It seems that discussion between investors is driving the stock price high today. The stock is hot among investors in Twitter’s “FinTwit” community as well as in Reddit and StockTwits.
The oil prices are getting high amid the rise of energy crises in the European markets due to the lack of natural gas supply. The demand for natural gas and oil has been increasing and it is the universal truth when the demand increases, the price also increases.
Recent Development of CEI stock:
CEI stock’s majority-owned subsidiary signed an Exclusive Intellectual Property License Agreement with ESG Clean Energy, LLC on August 24, 2021. The agreement was related to patent rights of ESG and stationary electric power generation methods in order to utilize heat and capture carbon dioxide. The license was non-exclusive for up to twenty-five locations in the U.S while exclusive for the whole of Canada.
Financial Results of Viking Energy Group: A subsidiary of CEI stock
Viking Energy group did announce second-quarter 2021 financial results on August 17, 2021, according to which
- Revenues increased to $10.69 million in the recently reported quarter from $9.55 million in the same prior-year quarter.
- Viking energy suffered a net loss of $9.85 million in Q2,2021 as compared to a $16.56 million net loss in the prior-year same quarter.
- Adjusted EBITDA was $4.29 million in the three months ended June 30, 2021, higher than $3.31 million in Q2,2020.
- Stockholder’s Deficit improved by $1.25 million since December 31, 2020.
The short squeeze phenomenon is driving the CEI stock high today along with rising oil prices in the international market. Camber Energy has skyrocketed in the last thirty days as its per-share price has gained almost 395% in last month.