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If a company announces its financial results, then it is quite likely that it will come on the radars of investors, and this morning it is likely that Houston Natural Resources Corporation (OTC:HNRC) may get considerable attention.
The company hit the news cycle on Tuesday after it announced its financial results for the third fiscal quarter that ended on September 30, 2023. More importantly, the results were far more robust when compared to the performance for the corresponding period in 2022. The company revealed the comparisons of performances in the nine-month periods ended on September 30, 2023, and September 30, 2022.
The company announced that it had generated revenues of $15,241,815 for the period, which reflected a boost of 5% from the $14,462,094 that it generated in the prior-year period. Houston Natural Resources Corporation revealed that it had managed to bring in total earnings to the tune of $8,871,912, which worked out to a year-on-year rise of 9% from the total earnings of $8,162,923 in the year-ago period. The earnings per share recorded by the company in the nine months went up to $0.06 from $0.05 in the year ago period, which worked out to a boost of 20%.
Another important revelation from the performance was that Houston Natural Resources Corporation managed to hit a net asset value (NAV) of as much as $0.62 per share in the third quarter of 2023. Additionally, the company also made announcements about the key milestones that it had hit on the operations front. One of those was the 100% acquisition of Cunningham Energy LLC. The company also completed a filing with FINRA for a thorough review that would lead to a change in name, CUSIP number, and ticker symbol. The new name of the company would be Cunningham Natural Resources Corporation.