Will these Energy Stocks Run Today? UEC, UROY, USEG, IMPP, SDPI

For more than a year now the energy sector has been one of the more vibrant sectors for investors due to the volatility in energy prices. The geopolitical situation made the sector a haven for new opportunities for investors. Here is a quick look at five energy stocks that have come onto the radars of investors in recent times.

Uranium Energy Corp (NYSEAMERICAN:UEC) –  The company was in focus yesterday after it announced that it had concluded the initial development phase of delineation drilling and development of its Irigaray and Christensen Ranch In-Situ Recovery (“ISR”) Projects. Uranium Energy Corp holds all the permits for the projects which are located in Johnson County in Wyoming.

The company noted that the subsequent drilling phase would take place on the Christensen Ranch permit boundary and also in the prospective areas which are held by the company. The President and Chief Executive Officer of the company Amir Adnani spoke about the developments as well. He noted that the initial development and delineation at the properties were part of the company’s restart initiative.

The company drilled a total of 51 holes along the known trends at the Mine Unit 15 zone in Ingray. The next phase of resource expansion from the Uranium Energy Corp initiative would target the areas with lateral resources, which the company believes exist in the current Christensen permit boundary.

Uranium Royalty Group (NASDAQ:UROY) – On July 5 the company announced that it got the final approval for its graduation to the Toronto Stock Exchange. The company revealed that it got the approval to list its common shares as well as its common share purchase warrants, due to expire on December 6, 2023, on the exchange. The shares and warrants were due to start trading on the exchange on July 6, 2023.

The shares and warrants would continue to trade under the ticker symbols URC and URC.WT. Due to the graduation to the Toronto Stock Exchange, the shares and warrants of Uranium Royalty Group ceased to trade on the TSX Venture Exchange and were planned for voluntary de-listing from the exchange.

The company noted at the time that the shareholders would not need to exchange their share certificates or take any further action regarding the development. The Chief Executive Officer of the company Scott Mellbye noted that the graduation to the Toronto Stock Exchange was a major milestone for the company and referred to the exchange as a ‘significant marketplace’.

US Energy Corp (NASDAQ:USEG) – On June 5 the company had come into the news cycle after it announced that it had appointed a new Chief Financial Officer in the form of Mark Zajac. The appointment had gone into effect on June 1, 2023. US Energy Corp announced in its news release that Zajac held considerable leadership experience spanning three decades across the realms of finance and energy.

He had spent the majority of his career as a partner and national industry leader at the firm KPMG. Ryan Smith, the Chief Executive Officer and President of the company noted that he looked forward to welcoming Zajac to the company’s team. He went on to add that the fact that Zajac’s skills as a financial leader with considerable experience in the energy sector and with public accounting would be a significant boost for US Energy Corp.

He went on to state that the appointment was also important for the company at a time when it was striving to hit a number of its strategic goals.

Imperial Petroleum Inc (NASDAQ:IMPP) – The company had come into the news cycle on July 17 when it announced that it had gone into an agreement for the sale of M/T Stealth Banana for $43 million to C3is Inc. The Aframax oil tanker had been built at the Samsung shipyard in South Korea in 2010 and boasts a cargo-carrying capacity to the tune of around 115800 dwt.

Imperial Petroleum Inc announced at the time that it had received 10% of the sale price and the rest would be due in one year following the delivery of the vessel. The delivery had been completed on July 14, 2023. The vessel had already started trading on the spot market as of July 17.

Superior Drilling Products Inc (NYSEAMERICAN:SDPI) – The company is a manufacturer and designer of drilling tools and technologies. Yesterday, Superior Drilling Products Inc announced that it would announce its financial results for the second fiscal quarter prior to the opening of the markets on August 14, 2023.

On the same day, the company would also hold a conference call to discuss the results and the same would be made available through a webcast. The company would also hold a question and answer session with those who attend the conference call.