Energy Services Stock Powers Up on Contract Payment

NXT Energy Solutions Inc. (TSX:SFD), an energy services stock, climbed after receiving an advance payment from PE Energy

Sean Mason | May 2, 2019 | SmallCapPower

An advanced payment announcement boosted a Canadian energy services stock Thursday. Here’s some small stocks making big moves on Thursday, May 2, 2019 (as of 4 pm EST):

NXT Energy Solutions Inc. (TSX:SFD), an energy services stock, surged 18% to $0.47 on Thursday after announcing that it has received a US$0.9 million advance payment from PE Energy Limited following successful completion of data acquisition and delivery of preliminary interpretation results to the Frontier Exploration Services of the Nigerian National Petroleum Corporation. The Company added that further payments under the $8.9 million contract will be made upon completion of each of three project milestones: data acquisition, interpretation and delivery of the final report.

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As well, shares of RNC Minerals (TSX:RNX) slipped 7% to $0.41 as the gold junior released ongoing drill results from its 100% owned Beta Hunt Mine in Western Australia, which included 16.8 g/t gold over 27.8 metres.

Pason Systems Inc. (TSX:PSI), meanwhile, reported an 11% increase in its first-quarter consolidated revenue to $82.1 million, while Adjusted EBITDA for the quarter rose 17% to $40.6 million. Pason Systems stock moved up 7% to $20.77 following the announcement.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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