Antrim Energy Inc. (TSE:AEN) (PINK:ATGYF) stock price uptrend took a break allowing bulls to consider another entry point. The company has recent news to support the price appreciation, thus making it hard for bears to take over.
AEN slipped 2% on Monday but the weak trading volume suggests that this is merely a temporary correction and not a sign of uptrend expiration. The stock gained 43% since October 21, and part of that gain was possibly in anticipation of the third quarter results which were announced recently.
Antrim also had encouraging news lately – on November 14 the company announced to have commenced drilling on their 50% owned Erne prospect in UK North Sea. They will drill one well, which should be completed in around 23 days and then move the rig to Carra prospect.
On November 12 Antrim reported third quarter results:
- Earnings per share of 31 cents were slightly off the expected $0.34;
- Recorded a net loss of $36.1 million;
- Revenues were down 31.4% to $2.4 million;
- Assets value rose 5.7% to $247 million;
- Cash flow from operations was $1.1 million over the nine month period;
- Cash of $48.3 million and no debt;
- Earned $7.5 million over the past nine months.
