CGX Energy (CVE:OYL) Trading Down 20.4% - Should You Sell?

Key Points

• Shares dropped 20.4% to C$0.22 on Monday with about 113,765 shares traded, a 17% increase versus average volume after a prior close of C$0.27.
• Weak financials: the company posts a current ratio of 0.06, quick ratio of 0.10 and a negative P/E (-0.98) with a market cap of C$76.17 million, indicating poor liquidity and ongoing losses.
• CGX is an oil and gas explorer focused on the Corentyne block offshore Guyana and is developing the Berbice Deep Water Port, exposing it to project execution and commodity-price risk.

Shares of CGX Energy Inc. (CVE:OYL - ) dropped 20.4% on Monday . The company traded as low as C$0.22 and last traded at C$0.22. Approximately 113,765 shares were traded during trading, an increase of 17% from the average daily volume of 97,366 shares. The stock had previously closed at C$0.27.

CGX Energy Price Performance

The company has a debt-to-equity ratio of -12.35, a current ratio of 0.06 and a quick ratio of 0.10. The firm has a market cap of C$76.17 million, a P/E ratio of -0.98 and a beta of 1.96. The stock's 50-day simple moving average is C$0.25 and its two-hundred day simple moving average is C$0.19.

About CGX Energy

CGX Energy Inc, an oil and gas exploration company, explores for and evaluates petroleum and natural gas properties in Guyana, South America. It holds interests in a petroleum prospecting licenses and related petroleum agreements on Corentyne block in the Guyana Basin, offshore Guyana. The company also constructs and develops the Berbice Deep Water Port project in Guyana. CGX Energy Inc was incorporated in 1998 and is headquartered in Toronto, Canada.

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