Calmena Energy Services Inc. (TSE:CEZ) (PINK:BLKWF) stock traded fiercely on Tuesday showing that changes in general price direction might be coming.
Yesterday CEZ recorded 21.7 million trading volume, far above the average of 1.4 million, and made it among the most actively traded stocks on the Toronto Stock Exchange. However, the stock price didn’t move much, which shows just how strong the current downtrend is.
The stock price gained mere 2.2% during the session, but it still delayed the further drop and strengthened the vague support at 21.5 cents per share.
Calmena had no official news lately, thus the bulls can’t easily gain ground because of the prevailing stock price direction. However, if the support would hold they might start rallying the price back up with ease as Calmena’s current market cap of $69 million is way below their book value which tops $137.5 million.
Moreover, the company hit net profit of $45 thousand in Q3 2011 for the first time after a continuous stream of losses, but still recorded a negative cash flow because of costs of new acquisitions. The bad side is that Calmena relies heavily on debt financing and holds only $9.7 million in working capital.
