MDM Permian Inc (MDMP) stock Makes a Big Move: Where Will It Go?
Last year oil prices had hit negative, which implies that that people were paying others to buy oil. That was due to the turmoil brought on by the coronavirus pandemic but things have changed this year and oil is again trading at $70 a barrel.
In this situation, it has also resulted in considerable gains in the stocks of companies in the industry like MDM Permian Inc (OTCMKTS:MDMP). The MDM stock jumped by as much as 120% and it is believed that the current oil price is the driver behind the rally. The company is in a position in which it can benefit from the upturn in oil prices.
More importantly, the President of the company Michael Rafael made some more bullish comments last month. He said that $70 a barrel was not going to be a permanent state of affairs since he believed that the price of oil was going to eventually hit $80 a barrel. Hence, it that actually happens then it could results in further gains in the MDM stock. He went on to state that the company is now focussing on its vertical wells and will also be working on keeping its LOE below $10 a barrel.
Market Reaction:
On Thursday, MDMP stock soared 121% to $0.2320 with more than 46.15 million shares, compared to its average volume of 1.71 million shares. The stock has moved within a range of $ 0.1060 – 0.2320 after opening the trade at $0.1099 Over the past 52-week, the stock has been trading within a range of $0.0050 – 0.9430.
