Trio Petroleum (NYSEAMERICAN:TPET) Shares Scheduled to Reverse Split on Monday, August 31st

Trio Petroleum Corp. (NYSEAMERICAN:TPET)’s stock is going to reverse split on the morning of Monday, August 31st. The 1-9 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Sunday, August 30th.

Trio Petroleum Stock Down 19.5%

NYSEAMERICAN TPET traded down $0.05 during trading hours on Wednesday, reaching $0.20. 2,198,469 shares of the company were exchanged, compared to its average volume of 16,432,141. Trio Petroleum has a 1 year low of $0.20 and a 1 year high of $2.50. The business’s 50 day simple moving average is $0.29 and its 200-day simple moving average is $0.52. The stock has a market capitalization of $9.06 million, a P/E ratio of -0.48 and a beta of -4.75.

Trio Petroleum (NYSEAMERICAN:TPET) last announced its quarterly earnings data on Thursday, June 11th. The company reported ($0.05) EPS for the quarter. The company had revenue of $0.21 million during the quarter. Trio Petroleum had a negative return on equity of 37.33% and a negative net margin of 934.15%.

Hedge Funds Weigh In On Trio Petroleum

An institutional investor recently bought a new position in Trio Petroleum stock. Pinnacle Holdings LLC acquired a new stake in shares of Trio Petroleum Corp. (NYSEAMERICAN:TPET) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 156,978 shares of the company’s stock, valued at approximately $2,959,000. Pinnacle Holdings LLC owned 0.35% 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.