Many oil and gas companies have filed for bankruptcy amid diving revenues and crude oil prices. Yesterday, Oasis (NASDAQ: OAS) fell sharply by 24.46% on 72,062,227 shares at the time when the company filed for bankruptcy to restructure the whole organization. However, today OAS jumps 18% in premarket by trading over 2 million shares.
Above $14 the stock was riding smoothly until October 2018 but due to price wars among oil mining companies the revenue fell so seriously as the stock plummeted to a minimum of $5 in two months. Since those days, the stock is a long term loser in NASDAQ.
Perhaps, $1 line becomes the easiest challenge to reach for OAS in October. Right now the stock can’t even touch $0.30 by trading around 2 million shares. Before the market closes OAS will likely ride over $0.50 as many investors search for cheap stocks.