A Houston-based energy company surprised some traders after the company confirmed that it has a total of $9.67 per share in assets and that the company’s net asset value is $4.71 per share for the period ending March 31, 2021. Since the stock closed at just $1.50/share yesterday, it was not a huge head scratcher when shares of Houston Natural Resources Corp (OTCPK:HNRC) rallied following the valuation news.
Houston Natural Resources provides its customers with fresh water and to take in oilfield generated toxic water for treatment and disposal. The company's licensed reclamation plant located in the South Texas region will eliminate harmful disposal methods and reduce costs associated with oil field waste reducing environmental pollution.
Traders seemed to be optimistic on the news as shares briefly hit a session high of $2.27/share (+51.33%) following the headline. This stock has a bit of a strange chart simply because of the illiquid nature of the shares, however this might be something to keep an eye on!
