The Stock Of North American Oil & Gas Corp. (OTCBB:NAMG) Digs Deeper
The stock of North American Oil & Gas Corp. (OTCBB:NAMG) is periodically climbing and descending the charts. The lack of news from the company itself isn’t working out too well and the most recent financial filing doesn’t help out in any way.
NAMG was struggling to stay above the $1 per share mark in the beginning of the month, but since their financial filing for Q3 of this year they seem to be powerless and who knows how low their stock can get judging by these numbers.
- cash: $5.4 thousand
- current assets: $27 thousand
- total assets: $524 thousand
- current liabilities: $652 thousand
- total liabilities: $753 thousand
- revenue since inception: $0
- quarterly net loss: $170 thousand
It sure doesn’t look good, despite the fact that the company managed to reduce their net loss by almost 50%. They’ve almost run dry of cash and their current assets have dropped by 68% over the course of this years third quarter.
What adds to the situation is the fact that we haven’t received any news about the company development recently, which suggests there isn’t any. The last time we saw any update from NAMG was back on September 24, when the company announced that it has competed the analysis and has acquired 3D survey covering 3.429 gross acres of their properties.
It seems that the lack of cash is restraining them from further development and this is the exact reason for which the price of their stock is at a 3 month low. After the comapny’s latest financial filing, NAMG‘s stock has been slowly sliding downhill with small percentile losses.
Yesterday, however, the loss was bigger and they had to let go of a further 14.77% of their value, with a volume a little over the ticker’s average. A total of 756 thousand shares switched hands in the session and NAMG registered $594 thousand in dollar volume.
The stock is still sliding today and we reckon that this will be the general direction it is headed in considering the lack of optimistic news. This is the exact reason for which we would advise you to do a lot of due diligence and weigh out the risks before taking a bet.
One of the other stocks that made a significant drop yesterday was that of Elray Resources, Inc. (OTCMKTS:ELRA), who lost a hefty 31% in value. Fresh Healthy Vending International, Inc. (OTCBB:VEND) also registered in the red with a 29% loss i price.