Allied Energy (AGYP) Gains 900% YTD: What’s The Reason?

Investors who might be on the lookout for energy stocks could have a look at the Allied Energy Corp (OTC: AGYP) stock, which has emerged as one of the major gainers this year.

Allied, which acquires and reworks properties with proven oil and gas reserves, has seen its stock soar by as much as 900% this year so far. Recently, the stock got another significant boost after the company provided an update. On February 3, the company provided a corporate update with regards to its strategy going forwards.

Related:  Gevo (GEVO) Rallies Non-Stop: When Will it Stop?

The Chief Executive Officer of the company George Montieth stated that just like how Allied reworks oil and gas properties, there is going to be a ‘retooling and reworking’ of the corporate strategy. This is going to happen in the first quarter of 2021. He went on to add that the energy sector still has considerably more upside and there are plenty of opportunities for Allied to exploit in 2021.

Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.