HomeTop MoversWhy did Mexco Energy Corporation (MXC) Stock soar on Friday?

Why did Mexco Energy Corporation (MXC) Stock soar on Friday?

Mexco Energy Corporation (MXC) shares surged 6.36% in after-hours on Friday, October 8, 2021, and closed the weekly trading at $12.20. Even in the regular trading session, MXC’s stock gained 2.59%. MXC shares have risen 91.17% over the last 12 months, and they have moved down 1.04% in the past week. Over the past three months, the stock has gained 12.01%, while over the past six months, it has jumped 42.31%.

Let’s have a brief look at its recent news and developments.


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MXC recent financial results

On August 11, 2021, Mexco Energy Corporation (MXC) announced the financial results of the first quarter of fiscal 2022 which ended on June 30, 2021.

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Q1 2022 financial highlights

  • MXC reported operating revenue of $1,264,198 in Q1 2022 compared to 370,456 for the first quarter of fiscal 2021.
  • The total operating expenses were $ 856,532 in Q1 2022 compared to $651,836 in Q1 2021.
  • It earned a net income of $395,006, or $0.19 per diluted share in Q1 2022 compared to a net loss of $299,670, or $0.15 per diluted share in Q1 2021.
  • Earing per diluted and basic share was $0.19 in Q1 2022 compared to $0.15 earning per basic and diluted share in Q1 2021.

MXC FY 2021 financial results

On June 25, 2021, Mexco Energy Corporation (MXC) reported financial results for the fiscal year ended March 31, 2021.

FY 2021 financial highlights

  • MXC reported operating revenue of $2,799,004 for FY 2021 compared to $2,738,540 in FY 2020.
  • The total operating expenses were $2,640,303 For FY 2021 compared to the $2,802,216 in FY 2020.
  • It suffered a net loss of $155,932 in FY 2021 compared to a net loss of $99,478 in FY 2020.
  • Net loss per basic and diluted share war $0.08 in FY 21 compared to $0.05 in FY 2020.

Conclusion

We were unable to find any recent news or development which could be linked with its Friday performance. As the Covid-19 pandemic is getting over, energy demand is increasing again, which could be the reason behind its gains on Friday. we can see it continuing its momentum on Monday as well.

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About the company

Mexco Energy Corporation, a Colorado corporation founded in 1972, is an independent, publicly owned oil and gas company engaged in acquiring and developing oil and gas properties and the exploration for and production of oil and gas. The company mostly conducts its drilling, exploration and production activities in the United States, primarily in the Permian Basin of West Texas.

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