Home Financial Markets Penny Stocks What Happened On Thursday To Make MMEX Stock Drop?

What Happened On Thursday To Make MMEX Stock Drop?

MMEX Resources Corporation (OTCPink: MMEX) closed yesterday at $0.00135, a drop of -6.90%. The volume of trading for MMEX stock was 302.59M which was a lot less on the day than its average volume of 1.28B. MMEX stock dropped in absence of any news of significance, but recent moves and stock performance may give a better clue into its potential.

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What MMEX do?

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MMEX Resources Corporation is involved in exploration, extraction, refining, distribution and distribution of oil, gas and products derived from petroleum. MMEX focuses on acquiring, developing, and financing oil, gas, refining, and electric power projects in Texas, Peru, and other Latin American countries. Fort Stockton, Texas is the headquarters of MMEX.

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Recent Move:

MMEX Resources recently announced it had signed an agreement to build its first renewable hydrogen plant at its Pecos County facility in Texas. According to MMEX, it will modify its business plan to begin producing and using clean energy.

MMEX announced negotiations with a European co-developer to build and finance a hydrogen plant using steam methane reformer technology but using abundant natural gas supplies in the immediate area as the feedstock in Pecos County, Texas.

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Performance indicators:

As for performance, the MMEX stock performed -17.65% for the week, and -12.50% for the month. The quarterly performance saw an incline of 600%, but it was successful in recording an annual performance of 1200% percent, with a performance of 1300% for last six months. During the past 52 weeks, the price range for the MMEX stock was $0.0001 – $0.0249 which represents an increase of 1250% compared to the 52-week low, but a distance of 1745% from the 52-week high.

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