US Energy Corp (NASDAQ:USEG) Stock Sees Solid Buying Activities: How Far Can It Go?
US Energy Corp (NASDAQ:USEG) jumped 21% in the last trading session on no news. Recently, the company reported its operational results for Q4 2020 and FY 2020 ended December 31, 2020. In Q4 2020, the company reported production of around 25,397 BOE or an average daily production of 276 BOEPD, while FY 2020 production was 79,816 BOE or an average daily production of 218 BOEPD.
At the end of the year, proved reserves were around 1,255,236 BOE, and the company ended the year with $7.6 million in cash and cash equivalents.
Ryan Smith, the company’s CEO, said that the company had a transformational 2020, and the company is positioned to continue executing its financial discipline and opportunistic growth.Smith said that through the company’s multiple-run acquisitions that the company stocked mainly through common stock, removing burdensome company’s preferred stock, and reducing overhead and corporate G&A expenses, the company managed to enhance its assets bases solidify its balance sheet. So, in the coming months, USEG is a stock to watch.
Market Reaction:
On Wednesday, USEG stock soared 21.15% at $5.04 with more than 74.99 million shares, compared to its average volume of 320k shares. The stock had moved within a range of $4.04 – 7.91 after opening the trade at $4.13. Over the past 52-week, the stock has been trading within a range of $3.06 – 18.57.
