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GREENWOOD VILLAGE, Colo., Aug. 13, 2019 /PRNewswire/ -- Tengasco, Inc. (NYSE American: TGC) announced today its financial results for the quarter ended June 30, 2019. The Company reported net income from continuing operations of $9,000 or $0.00 per share of common stock during the second quarter of 2019 compared to a net income from continuing operations of $99,000 or $0.01 per share of common stock during the second quarter of 2018. The $90,000 decrease in net income was primarily due to an $85,000 decrease in revenues. The Company recognized $1.4 million in revenues during the second quarter of 2019 compared to $1.5 million during the second quarter of 2018. The $85,000 decrease in net revenue was due to a $173,000 reduction resulting from a $6.87 per barrel decrease in the average oil price from $61.86 per barrel during the second quarter of 2018 to $54.98 per barrel during the second quarter of 2019, partially offset by an $88,000 increase related to the 1.4 MBbl increase in sales volumes. The 1.4 MBbl increase was primarily due to higher sales volumes on the Veverka D lease due to polymer work performed in June 2018 and higher sales volumes attributed to the BSU #1-30 well that was completed in October 2018.
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Tengasco, Inc. (NYSE American: TGC) announced today that it has filed with the Securities and Exchange Commission its Annual Report on Form 10-K for the year ended December 31, 2019.
The Company reported a net loss from continuing operations of $182,000 or $0.02 per share of common stock during the third quarter of 2019 compared to a net income from continuing operations of $298,000 or $0.03 per share of common stock during the third quarter of 2018. The $480,000 decrease in net income was primarily due to a $439,000 decrease in revenues and a $51,000 increase in production costs and taxes. The Company recognized $1.2 million in revenues during the third quarter of 2019 compared to $1.65 million during the third quarter of 2018.
Tengasco, Inc. (NYSE American: TGC) announced today its financial results for the quarter ended March 31, 2020. The Company reported a net loss of $(527,000) or $(0.05) per share of common stock during the first quarter of 2020 compared to a net loss of $(96,000) or $(0.01) per share of common stock during the first quarter of 2019. The $431,000 decrease in net income was primarily due to a $208,000 decrease in revenues, a $185,000 increase in production cost and taxes, and a $43,000 decrease in gain on sale of assets.
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Tengasco, Inc. (NYSE American: TGC) today announced that its Board of Directors has commenced a process to explore potential transactions or combinations in order to maximize shareholder value. These alternatives may include continuing as a standalone public company, going private, acquiring businesses within or outside of the energy industry, and other business combinations. The Board has retained Roth Capital Partners, LLC as its financial advisor in connection with the process of reviewing potential transactions.
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