After quite the scare on Monday as S&P 500 futures were trading deep into negative territory, the sessions following Monday morning have allowed bulls to breathe a little easier. For today, while the market up roughly +.44% is no front page news, the Energy sector is having quite the day, up around +2.85% after morning trade. Within that sector, there are a couple of outliers that are worthy of note.
OTC Energy Outliers:
CGX Energy Inc. (OTC-PNK:CGXEF) has found some early success during today’s session, reaching an intraday high of $.3885/share (+13.1%). While no headlines were made during this morning’s rally, it is noteworthy that this move was made on much higher than usual volume as nearly 3X the average has already traded with roughly four hours left to go.
CGX is an exploration company exploring for oil and gas in the Guyana Suriname Basin. Its business activity is petroleum and natural gas exploration offshore Guyana, South America. The company's offshore concessions include Corentyne and Demerara and onshore concessions include Berbice. The company's operations comprised a single reporting operating segment engaged in petroleum and natural gas exploration in Guyana.
The second outlier within the sector was Tag Oil Ltd (OTCQX:TAOIF). This stock found great success early on as shares found support at its 10-day SMA and shot up to an intraday high of $0.1913/share (+5.1%). This move is a strong continuation the success the stock has had since the Covid selloff in March, coming from a 52-week low of just $0.0626/share.
TAG Oil Ltd is a Canada-based oil and gas exploration, development, and production company. It operates through three geographical segments namely Canada, New Zealand, and Australia. Geographically, the firm generates a majority of its revenue from New Zealand.
