Currently trading at less than $1, shares of diversified energy and power solutions company Camber Energy have been rallying thanks to recent social media chatter surrounding the stock. However, given investor concerns related to the company’s Form 10-K filing delinquency and the potential for the company to face NYSE delisting procedures, is it worth betting on the stock at the current price level? Let’s find out.Independent oil and natural gas company Camber Energy, Inc. (CEI), which is headquartered in Houston, Tex., is focused on the acquisition, development, and sale of natural gas, crude oil, and natural gas liquids in the Cline shale and upper Wolfberry shale in Texas. CEI holds interests in active oil & gas properties in the onshore Gulf Coast region. Its shares have jumped 68.4% in price over the past five days due to heavy discussion about it on Reddit and Twitter (NYSE:TWTR) and the consequent bullishness of retail investors. Of the company’s floating shares,14.3% have been sold short.
But CEI’s stock had declined 10.4% in price year-to-date and 40.5% over the past six months, reflecting investor concerns over the NYSE’s notification that the company did not comply with the Exchange's continued listing standards. Closing yesterday’s session at $0.83, the stock is trading 73.3% below its 52-week price high of $3.10.
Although an exclusive IP license agreement between its majority-owned subsidiary, Viking Energy Group, Inc., and ESG Clean Energy, LLC, for patenting a carbon capture system should bode well for the stock, several law firms have been investigating its subsidiary for alleged breaches of fiduciary duty and other violations of law.