Houston American Energy (NYSEAMERICAN:HUSA) news for Tuesday includes massive gains to the stock alongside increasing trading.
As of this writing, 143.66 million shares of HUSA stock have changed hands. That’s noteworthy because the stock typically only moves an average of 753,726 shares per day. Along with the heavy volumes comes a skyrocketing stock price but investors should be warned that these high levels may not stick around.
The biggest thing to note about this run for HUSA stock is that it comes alongside no new news about Houston American Energy. Keeping that in mind, it’s hard to pin down the exact reason that investors are boosting the stock up.
The most recent news to come from Houston American Energy was last month. At that time, the company said it had restarted drilling in the Permian Basin area. It also mentioned that it increased its total share of the area from 5,871 acres to 6,336 acres. That means the company now owns 20% of that drilling area.
It’s worth pointing out at this point that HUSA is a penny stock trading on the NYSE American market. These types of stocks are typically much more volatile and can experience both major runs and retreats.
Houston American Energy is an oil and gas company based out of Houston, Texas. The company was founded in 2001 and primarily operates in the Gulf Coast Region.
HUSA stock was up 178.9% as of Tuesday afternoon. The stock is down 63.3% since the start of the year as of Monday’s close.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.