Houston Natural Resources Corp. (OTC: HNRC) announced today record results for the financial period ending September 30, 2022, as follows:
· Total revenues increased 13% to $14,207,619 for the nine-month period ending September 30, 2022, compared to $12,571,233 for the same period ending September 30, 2021.
· The company’s net earnings have increased 29% to $8,163,923 for the nine-month period ending September 30, 2022, compared to $6,307,247 for the same period ending September 30, 2021.
· Earnings per share (EPS) for the first nine months of 2022 equates to $0.16.
· The company’s net assets have increased 27% to $93,593,813 as of September 30, 2022 , from $73,698,571 as of September 30, 2021 , a net asset value (NAV) of $1.86 per share as of September 30, 2022.
On Tuesday, HNRC stock ended flat at $0.3798 with more than 293K shares, compared to its average volume of 206K shares. The stock moved within a range of $0.3300 – 0.3900 after opening trade at $0.3890.
As the earnings season continues, every other day more and more companies are going to be in the news owing the announcement of their financial results.
Houston Natural Resources Corporation announced that in the nine-month period ending on September 30, 2022, it had managed to bring in revenues to the tune of $14,207,619 and that reflected a year-on-year rise of as much as 13%. However, that was not the only major positive with regard to the performance. In the nine-month period, the net earnings of the company went up by as much as 29% year on year to hit $8,163,923. That worked out to net earnings to the tune of as much as $0.16 a share. The net assets under the control of Houston Natural Resources Corporation stood at $93,593,813 and that reflected a year-on-year rise of as much as 27%.
In this regard, it is perhaps also important to point out that in the first fiscal quarter of the year, the company sponsored the special purpose acquisition company HNR Acquisition Corp and managed to raise as much as $86 million through the business combination. On the other hand, in the second quarter of the fiscal year, Houston Natural Resources Corporation spun off its non-energy assets into a fully owned subsidiary unit. In light of the strong performance in the nine-month period, it will be interesting to see if the stock comes into focus or not.
HNRC stock is trading below the 20-Day and 50-Day Moving averages of $0.40 and $0.38 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.39.