Monday March 29, 3:48 pm Eastern TimeGreka Energy says stock undervaluedNEW YORK, March 29 (Reuters) - Greka Energy Corp. (Nasdaq:GRKA - news) said it had noexplanation for the 34 percent drop in its share price on Monday.It said the newly-created energy technology company was poised to deliver earnings and revenuegrowth.The New York-based company, the product of Horizontal Ventures and Saba Petroleum Co., said it was looking to capitalize on arecent recovery in oil and gas prices that previously had slashed the profits of drilling and exploration companies. The merger wascompleted last week.In late trading on the Nasdaq, where it was the biggest percentage loser, Greka stock was down 1-5/8 at 5-3/4, a 25 percent drop.Earlier, it hit a 52-week low of 4-7/8, bucking a sharp rally in the broader markets and in other energy stocks.Greka said it uses short radius horizontal drilling technology developed by oil giant BP Amoco (NYSE:BPA - news). It has oil and gasproduction and development activities primarily in Canada and the United States, and in Indonesia and China.``The merger ... positions us well for strong future revenue and earnings growth,' Greka Chief Executive Randeep Grewal said. ``Wefeel our stock continues to be extremely undervalued and is highly attractive at these levels.'The company said it will hold a conference call on Tuesday with investors to discuss its operations and financial outlook.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings