This Friday, Stetson Oil & Gas Ltd. (CVE:SSN), (PINK:SSNOF) stock as often happens surged on no recent company’s news, but this time boldly relying on the trading volume. Maybe this was the only way for the shares of Stetson Oil & Gas Ltd. to present good performance.
Looks like investors got tired from the expectation of some positive news related to the company’s strategy to sell its Canadian assets and to focus only on international ones and decided to rush the shares up.
At the end of the week, SSN stock presented not only the already seen in the previous months price jump up of 28.57% between the sessions. This was important, since on Thursday the shares tumbled down 22.22%, making at the end the price change look minor.
The spectacular thing was the volume traded, since 6.9 million shares changed hands as it looks not in appreciation of the appointment of the new company’s CFO released a few weeks ago.
These were the only official news from the company that were in the background of the huge stock stir from Friday. Such a stir had not been seen since this February. As opposed to yesterday’s upward direction, at that time SSN was pretty denominated and maybe could not revive up to now.[BANNER]
At the beginning of the year, Stetson Oil & Gas Ltd. decided to sell all of its Canadian assets in order to fund potential activities on its North Dakota property and as the company stated to “begin to pursue other international activities”. To support the implementation of this new strategy, SSN hired a company named Sayer Energy Advisors.
Even the spring “warming” in the price and the trading volume of Stetson Oil & Gas Ltd. shares was not appreciated by investors for long. Being almost in a constant decline since those days, this Friday SSN made its next attempt to escape the spilling.
Only investors may determine the final outcome, considering the absence of any positive news for the company these days and also the latest not so optimistic financials involving possible liquidity problems of Stetson Oil & Gas Ltd.
