Trio Petroleum (NYSEAMERICAN:TPET) Stock Price Down 30.3%

Trio Petroleum Corp. (NYSEAMERICAN:TPET)’s stock price dropped 30.3% during mid-day trading on Wednesday . The company traded as low as $0.28 and last traded at $0.34. Approximately 31,862,021 shares changed hands during trading, an increase of 97% from the average daily volume of 16,184,042 shares. The stock had previously closed at $0.49.

Trio Petroleum Price Performance

The company has a market cap of $12.55 million and a PE ratio of -1.21.

Trio Petroleum (NYSEAMERICAN:TPET) last released its quarterly earnings data on Monday, March 18th. The company reported ($0.05) earnings per share (EPS) for the quarter.

Insiders Place Their Bets

In other Trio Petroleum news, Director Frank C. Ingriselli sold 512,704 shares of the company’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $0.17, for a total value of $87,159.68. Following the transaction, the director now directly owns 370,000 shares in the company, valued at approximately $62,900. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Hedge Funds Weigh In On Trio Petroleum

An institutional investor recently raised its position in Trio Petroleum stock. Walleye Capital LLC boosted its stake in shares of Trio Petroleum Corp. (NYSEAMERICAN:TPET) by 187.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 341,979 shares of the company’s stock after acquiring an additional 222,979 shares during the quarter. Walleye Capital LLC owned 1.16% of Trio Petroleum worth $195,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 0.34% of the company’s stock.

Trio Petroleum Company Profile

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.