If there is one company in the energy sector that has come onto the radar of investors from time to time then it is the Houston Natural Resources Corporation (OTCMKTS:HNRC). It is a fairly diversified company with interests in many sectors, including healthcare, energy, and information technology.
On Friday, HNRC stock gained 1.78% to $0.3460 with 46K shares, compared to its average volume of 257K shares. The stock has already soared 45% over the past month.
The company has not been in the news so far this month but back on August 31, 2022, Houston Natural Resources Corporation came into focus after it announced that it expected to perform strongly through the rest of 2022. The company went on to note that it expects revenues to be $20 million and EBITDA for the year ended December 31, 2022, to be $10 million. It was further noted that projections for the third quarter stood at $5 million in revenues and $2.5 million in EBITDA earnings.
In the nine-month period that will end on September 30, 2022, Houston Natural Resources Corporation projected revenues of as much as $13 million to go along with EBITDA earnings of $7 million. The company noted that the strong performance was due to the higher revenues and earnings from its portfolio companies.
In addition to that, it is important to note that not too long ago Houston Natural Resources Corporation announced that it had completed the acquisition of Cunningham Energy. That acquisition is also going to add to the revenues that the company is going to generate for the fiscal year ending on December 31, 2022.
HNRC stock is trading below the 20-Day and 200-Day Moving averages of $0.37 and $0.44. However, the stock is trading above the 50-Day moving average of $0.34.