Rango Energy, Inc. (OTCMKTS:RAGO) Taken Up to Record Volumes
It seems the end of May is the time for unknown tickers to appear out of nowhere, with astonishing volumes and price increases. Rango Energy, Inc. (OTCMKTS:RAGO) doubled its price in a week, adding just 10$ to round off 34 cents on Thursday. The ticker is not yet supported by a paid promotion, but there are many reminders in the form of press releases that attract investors’ attention.
RAGO has slid down from all-time highs of $13, but in the past week has been setting record after record in buying. A year ago, RAGO shrank its shares in a 50 for 1 reverse split. The company is currently valued at 32.3 million dollars, with 101 million shares outstanding.
RAGO is the new ticker for Avro Energy, Inc, a metal miner. The new company should focus on drilling for oil and gas, a scheme widespread in the latest weeks in the penny stock markets. Tickers differ by quality, and some energy companies are downright solid, while others are nothing more than a smokescreen for a stock relying on promotions to realize gains on its price.
Fundamentally, this is how RAGO stacks up:
- $232,521 cash
- $355,999 total current liabilities
- $75,936 oil revenues
- $13,745 net gain for the latest quarter
Those are the results of a reasonable company that did not manage to bury itself in debt, and actually had some oil drilling online. Still, RAGO is not above sharing details about its board members and upcoming drilling wells, if this would mean more attention to the stock. Such activity may very well lead up to promotion.
If volumes keep for a while, RAGO may be an interesting ride, with correction somewhere in the near future, but also a potential to trade robustly and gain.
This stock repeats the recent history of another energy explorer, Citadel Exploration, Inc. (OTCMKTS:COIL). This company also lacks a paid pump, but shares updates on drilling venues. COIL is also making an interesting trend in the past weeks.
Oil and alternative energy are a rising trend among the penny stocks, and tickers may move by renewed general attention. But each case is separate and it is best not to ride the trend of oil drilling and fracking unless you could afford the corrections.