Oil and gas exploration and production firm Church & Crawford Inc (OTCMKTS:CCWF) did not have a great time in the markets yesterday as its stock suffered from a selloff and ended the day with a decline of as much as 8%.
Market Reaction
On Thursday, CCWF stock fell 7.70% at $0.0360 with more than 321K shares, compared to its average volume of 592K shares. The stock moved within a range of $0.0360 – 0.0408 after opening trade at $0.0390.
Church & Crawford Inc announces shareholder update for YTD 2022.
Yesterday, the company had come into focus after the management provided an update for its shareholders with regards to the work done this year so far. It was noted that Church & Crawford was moving on to the next stage of higher production and it expected to product around 10% higher than what it did in the last month.
This was made possible due to the diligent work put in by the company in reactivating and reworking the new oil wells. It goes without saying that the announcement was a significant one from the company and may have been seen as a positive by many.
However, it did not lead to much positivity among actual investors and the stock suffered from a steep decline amidst a selloff. It is now going to be interesting to see if the Church & Crawford stock can actually manage to make a comeback in the coming days.
Key Quote
Church & Crawford Vice President Timothy Roberson said, “our properties located in Oklahoma’s counties Beaver, Canadian, Creek, Garfield, Garvin, Kingfisher, Oklahoma, Okmulgee, Woods, and Woodward Counties have shown significant progress since our new implementation plan started on the past February 2022 and we will continue to bring back more inactive wells into production and optimize our existent oil & gas production through reduced production cost, improved production rates.”.
Traders Review
CCWF stock is trading above the 20-Day and 50-Day Moving averages of $0.0386 and $0.0350 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0283.
