Yesterday, the shares of Pennant Energy (CVE:PEN) were among the heroes on the TSX Venture Exchange (CVE). Their performance caused almost an earthquake on the market. PEN went straight up and doubled its value on a tremendous volume.
Really, the stock was among the biggest price percentage gainers on the Canadian Exchange. Besides, it took the prestigious third place among the most actively traded items. What might have made Pennant’s shares so wanted, so desired and so beloved by traders
Maybe, this is the announcement from Wednesday where the company informed that the Bigstone, Montney Formation horizontal well, Donnybrook HZ Bigstone 14-29-60-22W5, has been “successfully” completed and flow-tested. Surely, the news could have set both investors and the company’s shares on fire.
Otherwise, how could we find a reasonable explanation for the impressive turnover exceeding 3.6M, and for the striking rise in PEN’s price. In one session only, the stock elevated by 46.15%, climbing from $0.195 to $0.285 at day-close.
In addition, the shares noted a new 52-week high of $0.315 during the exciting and fierce trading, dominated by the buyers. Perhaps, even more exciting sessions for PEN are yet to come in the near future Who knows…
Meanwhile, we are eagerly awaiting Pennant to issue its more recent financial statements so that we could analyze the fundamentals and the financial condition of this company.
