As another trading week begins, it is perhaps time for investors to take a look at some of the stocks which managed to record meaningful gains this past Friday and one of those is the Chesapeake Granite Wash Trust (OTCMKTS:CHKR) stock.
On Friday, CHKR stock gained 6% at $0.8950 with more than 60K shares, compared to its average volume of 68K shares. The stock has moved within a range of $0.8450 – 0.9300 after opening trade at $0.8450.
The stock was in sharp focus on Friday and ended up with gains of as much as 6%. The stock surged after it announced that it had managed to generate net income of as much as $1.7 million for the third fiscal quarter. That worked out to profits of 4 cents a share. The company, which primarily holds royalty interests in natural gas and oil properties, managed to generate revenues of $2.3 million for the quarter.
It was a strong performance from Chesapeake Granite Wash Trust and the rally in the stock price was hence understandable. In this context, it is perhaps also a good time to point out that earlier on in the month the company had announced the unit distribution for the period that had concluded on September 30, 2021. The company noted that it was going to pay out $0.0496 per unit to the unit holders at the time.
CHKR stock is trading above the 20-Day and 50-Day Moving averages of $0.80 and $0.72 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.51. The stock is up 34% over the past month.