Houston Natural Resources Corporation (OTC:HNRC) Stock Soars 28% Here is why
The oil and natural gas company was in prime focus on Wednesday as its stock ended up with gains of as much as 28% amidst significant interest. In this regard, it ought to be noted that the Houston Natural Resources Corporation (OTC:HNRC) has ended up with gains in each of the past four trading days.
The stock had managed to cross the 20-day moving average and eventually gathered support at the 50-day moving average point. Both of those trends were bullish ones, as per experts. In this context, it should be noted that on January 3, the company provided its shareholders with a summary of some of the major achievements and milestones in recent times and also provided insights into its direction for 2024 and beyond.
Houston Natural Resources Corporation announced that it had submitted an application to FINRA to change its name to Cunningham Natural Resources Corporation. Additionally, the company had also made requests for a change to its ticker symbol and its CUSIP number in the same application. The decision had been made by the company after it had been successful in completing the acquisition of a 100% stake in Cunningham Energy LLC last year. The transaction had also led to a boost in the net asset value (NAV) of Houston Natural Resources Corporation by $1.70 per share.
The company noted that Cunningham Natural Resources Corporation would be engaged in traditional oil and gas ventures and also in energy transition materials, which would also include opportunities in the mining space.
Some of the mining ventures in which the company may get involved include copper, gold, lithium, other precious metals, and rare earth metals. Additionally, the company would also be focused on worldwide investments with a significant focus on sustainability. It may be a good time to keep an eye on the Houston Natural Resources Corporation stock.
