FX Energy, Inc. (NASDAQ:FXEN) Up 15.41% on Drill Stem Test Report
Northern, WI 04/29/2013 (GDPInsider) – FX Energy, Inc. (NASDAQ:FXEN) is enjoying a breakout day on news that the results of a recently conducted drill stem test has yielded some positive results with the flow of gas. The independent oil and gas exploration company conducted this test in north-central Poland and according to a release, the Tuchola-3K well saw gas flow of approximately 5 million cubic feet per day. The stock started the day’s trading at $3.54 having closed previously at $3.84. Volume in the stock is 301.56K and FXEN has a trading range of $3.50 and $3.84.
The company has a market cap of $183.73 million and analysts have set a target price of $7.46. 53.41 million shares are outstanding and institutions own a 37.57% stake in the company. The stock has a RSI of 64.50 and is up 54.64% on the 52-week low of $2.48. Things are also positive on movement of the stock price and FXEN is currently trading 12.32% above its 50-day simple moving average and 28.97% above its 20-day simple moving average.
CEO David Pierce has made it clear that the company has not yet confirmed the commercial status of the well but he did point out that there is optimism. Long term the company stands to gain from any commercial confirmation of the well because FX Energy Inc. owns 100% of the working interest in the Tuchola-3K well. In addition to that there are four Edge concession blocks which together cover a sizable 3,567 square kilometers. “we are cautiously optimistic and therefore will run a liner to allow more thorough testing,” said Pierce commenting on the long term viability of the well.
FXEN has a forward P/E of 13.76 and EPS for 2013 is expected to rise by 113.88%. EPS for 2014 is expected to rise by 316.67% and the company has seen a quarter on quarter EPS rise of 95.78%. The technical chart shows a southward trend but is reversing as result of the positive news.
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