Sound Energy (LON:SOU) Shares Down 36.5% – Here’s What Happened

Shares of Sound Energy plc (LON:SOU) dropped 36.5% during mid-day trading on Friday . The company traded as low as GBX 5 and last traded at GBX 5.40. Approximately 400,055 shares traded hands during mid-day trading, an increase of 37% from the average daily volume of 293,061 shares. The stock had previously closed at GBX 8.50.

Sound Energy Trading Down 36.5%

The stock has a fifty day simple moving average of GBX 8.21 and a 200 day simple moving average of GBX 7.78. The firm has a market capitalization of £11.24 million, a P/E ratio of -2.16 and a beta of 1.83. The company has a quick ratio of 2.08, a current ratio of 2.78 and a debt-to-equity ratio of 326.29.

About Sound Energy

Sound Energy is an upstream gas company with assets in Morocco, listed on the AIM market of the London Stock Exchange. Sound energy is focussed on providing lower carbon footprint fuels, powering the region’s energy transition through cash generative developments.

Sound Energy is developing Phase 1 of its operations in the Tendrara production concession, a Micro LNG facility to supply gas to Moroccan industry. Phase 2 will see gas delivered to the Maghreb-Europe pipeline. Our exploration portfolio continues to hold multi-Tcf upside potential.

Natural gas is a key part of Morocco’s de-carbonisation strategy, displacing power generation from carbon-intensive coal.