U.S. Energy Corp (USEG) stock Falls On profit Taking: Time To Buy?

Earlier on this week on Wednesday, the U.S. Energy Corp (NASDAQ:USEG) stock had emerged as a major gainer but things change slightly yesterday as investors decided to cash in on their profits.

As a result of profit taking, the U.S. Energy Corp stock tanked by 13% on Thursday, however, it should also be remembering that the day before, it had clocked gains of as much as 21%. There has been no news that could have led to such a rollercoaster ride in the stock over the past two days. However, not too long ago, U.S. Energy Corp announced its financial results for the fourth fiscal quarter ended on December 31, 2020.

In that quarter, the company announced that it managed to generate production to the tune of as much as 25937 BOE. That worked out to average daily production of as much as 276 BOEPD from the company. On the other hand, it might be worthwhile for investors to note that in the financial year of 2020, the company managed to generate total production of 79816 BOE. However, when broken down to average daily production, it came in at 218 BOEPD. It might be the right time to start tracking the U.S. Energy Corp stock.

Market Reaction:

On Thursday, USEG stock fell 12.90% at $4.39 with more than 2.65 million shares, compared to its average volume of 1.56 million shares. The stock had moved within a range of $4.1000 – 4.6300 after opening the trade at $4.61. Over the past 52-week, the stock has been trading within a range of $3.0600 – 18.5700.