CGX Energy (CGXEF) Stock Continues to Hit New Highs: What To Do Next Week?

If you are currently looking into stocks that managed to record handsome gains this past week then one of the stocks that you could consider is the CGX Energy Inc (OTCMKTS:CGXEF) stock.

On Friday, the stock experienced heavy action and went up by as much as 32%. That took its gains for the whole week to as much as 132%. In light of such massive gains, it could be a good move for investors to take a closer look at the company. While there was no news about CGX Energy last week, there was an important development back in April.

The company announced at the time that its unit CGX Resources, which operates the Corentyne offshore block, signed a new agreement with Maersk Drilling Holdings Singapore Pte. Ltd. It is a major development for the company and one that might have led to considerable attention for CGX Energy at the time.

CGX Resources is going to be involved in drilling the Kawa 1 well, which in itself is a joint venture. While it is difficult to say whether this development led to the rally last week, it is a development that investors ought to keep in mind when they consider the CGX Energy stock.

Market Reaction:

On Friday, CGXEF stock moved up 32% to $2.19 with more than 1.91 million shares, compared to  its average volume of 134K shares. The stock has moved within a range of $1.6500 – 2.2000 after opening the trade at $1.75. Over the past 52-week, the stock has been trading within a range of $0.2500 – 2.2000. Moreover, the stock made a new high of $2.20 on Friday.