Trio Petroleum Corp. (NYSEAMERICAN:TPET) Sees Large Decline in Short Interest

Trio Petroleum Corp. (NYSEAMERICAN:TPET) saw a significant drop in short interest in August. As of August 31st, there was short interest totaling 406,085 shares, a drop of 79.8% from the August 15th total of 2,007,215 shares. Based on an average daily volume of 158,550 shares, the days-to-cover ratio is presently 2.6 days. Currently, 8.7% of the company’s stock are sold short.

Trio Petroleum Stock Performance

TPET traded down $0.14 on Friday, hitting $1.88. The company had a trading volume of 1,088,177 shares, compared to its average volume of 1,269,974. The stock has a market capitalization of $10.00 million, a price-to-earnings ratio of -0.69 and a beta of -4.79. The stock has a fifty day moving average price of $2.31 and a 200-day moving average price of $4.39. Trio Petroleum has a 12-month low of $1.68 and a 12-month high of $22.50.

Trio Petroleum (NYSEAMERICAN:TPET) last released its quarterly earnings results on Wednesday, September 9th. The company reported ($0.39) EPS for the quarter. Trio Petroleum had a negative net margin of 830.43% and a negative return on equity of 29.90%. The firm had revenue of $0.35 million for the quarter.

Institutional Investors Weigh In On Trio Petroleum

A hedge fund recently bought a new stake in Trio Petroleum stock. Cygnus Capital Advisors LLC purchased a new position in shares of Trio Petroleum Corp. (NYSEAMERICAN:TPET) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 859,342 shares of the company’s stock, valued at approximately $266,000. Cygnus Capital Advisors LLC owned approximately 17.47% of Trio Petroleum at the end of the most recent quarter. Institutional investors own 0.34% of the company’s stock.

Trio Petroleum Company Profile

Trio Petroleum Corp. operates as an oil and gas exploration and development company. The company's flagship project comprises the 85.75% owned working interest in the South Salinas project that consists of approximately 9,300-acre located in Monterey, California. It also owns 22% working interest in the McCool Ranch Oil Field located in Monterey County, California; 2% production interest in the Asphalt Ridge project comprises approximately 960 acres located in southwest of Vernal, Utah; and holds an option agreement to acquire 100% working interest in the Union Avenue Field located in Bakersfield, California.