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

Trio Petroleum Corp. (NYSEAMERICAN:TPET)’s stock is set 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 market closes on Sunday, August 30th.

Trio Petroleum Trading Down 19.5%

NYSEAMERICAN:TPET traded down $0.05 during mid-day trading on Wednesday, hitting $0.20. The stock had a trading volume of 2,198,469 shares, compared to its average volume of 1,819,402. The company has a 50 day simple moving average of $0.29 and a 200-day simple moving average of $0.52. Trio Petroleum has a 52 week low of $0.20 and a 52 week high of $2.50.

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

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Trio Petroleum stock. Pinnacle Holdings LLC acquired a new position in Trio Petroleum Corp. (NYSEAMERICAN:TPET) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 156,978 shares of the company’s stock, valued at approximately $2,959,000. Pinnacle Holdings LLC owned approximately 0.35% of Trio Petroleum at the end of the most recent quarter. Hedge funds and other institutional investors own 0.34% of the company’s stock.

About Trio Petroleum

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.