Dune Energy (DUNR) Slumps On Drilling Disappointment
Dune Energy, Inc. (OTC:DUNR) is one of the most active penny stocks on Wednesday as the stock has slumped 58.50% to $0.278, off day’s low of $0.16 with more than 7.16 million shares have traded hands, compared to its average volume of 597K shares.
DUNR stock is reacting after the company has provided disappointed updates on its property – Garden Island Bay, which was drilled to a total depth of 19,670 feet (measured depth) and 19,550 feet (true vertical depth).
DUNR said that it has abandoned drilling activities for the time being, without stating any time frame.
However, James A. Watt, President and CEO of DUNR said that although we couldn’t get any good news so far on drilling, but Dune Energy is expected to analyze the drilling information and see if side tracking operation would be warranted at a later time.
DUNR Trading in a Narrow Range
Shares of DUNR had been trading within a narrow range of $0.90-$1.120 over the past few months and today’s sell off has taken the stock to 7-month low.
DUNR had a total outstanding shares of 48.20 million, of which 35.89 million shares were floating. The stock is trading below its 50-Day Moving Average and 200-Day Moving Average of $0.77 and $0.81 respectively.
DUNR reported revenue of $64.64 million during the latest fiscal year and net loss of $96.18 million or $2.40 a share. DUNR had a cash balance of $25.31 million. It has a total debt of $336.73 million and has a book value of -4.85 a share.
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