Bengal Energy Ltd (TSX: BNG), an oil and gas explorer, is today’s top stock that gained strong share price momentum breaking the short term Daily moving Averages (DMAs) as its strong Q4’14 results showed that oil revenues surged 75% beating estimates. The company’s shares climbed over 13% during the last two consecutive trading days with a greater than average number of shares exchanging hands. In the last trading session, BNG was the top performer in the Canadian energy space having gained 15% breaking the short term 30-DMA and 50-DMA at $0.60 each and ended at $0.0.69 while recording huge volumes of 689,942 shares. During the last 5-trading session, the stock climbed 18.9% with 5-day daily average trading volumes of 23,903 shares, while the stock accumulated over 25% during the past one month with daily average trading volumes of 74,689 shares.
For the Q4’14 earnings, BNG recently reported that its revenues increased to $5.3 million during the quarter from $3.0 million generated in the year-earlier period. The revenue gain was driven by a 55% increase in production compared to the previous year, and strong pricing for the high quality crude oil produced. Fourth quarter production averaged 504 (BOEPD) barrels of oil equivalent per day, compared to 325 BOEPD produced in last year’s fourth quarter.
Company Description:
Bengal Energy Ltd (TSX: BNG) is an international oil and gas exploration company. The company is focused on petroleum exploration in the offshore onshore Cooper/Eromanga Basin, Timor Sea Vulcan Sub Basin, Perth Basin and Carnarvon Basin of Australia.
1-Year Stock Chart:
Source: Bloomberg
