What's Going On With Camber Energy (CEI) Stock?

Camber Energy Inc CEI shares are soaring on above-average volume Thursday. Here's a look at what's going on. 

What To Know: Camber Energy shares are trading higher for the second day in a row. The stock started gaining momentum this week after the company announced that Viking Energy subsidiary Simson-Maxwell entered into a manufacturer's representative agreement with Planeteq, making Planeteq the exclusive distributor of Viking Ozone Technology's ozone waste treatment systems in the United Kingdom. 

Camber Energy acquired Viking Energy in August. At the time, Camber noted that it expected to benefit from several aspects of Viking's business including the company's custom energy and power solutions business, exclusive licenses to a patented clean energy and carbon capture system, intellectual property rights to a medical and bio-hazard waste treatment system and patent-pending proprietary open conductor detection systems.

Camber Energy's average session volume is just over 5 million, according to Benzinga Pro. Thursday's trading volume has already exceeded 18 million at publication time and the stock is seeing increased mentions across social platforms like Stocktwits and X, formerly Twitter. 

Camber Energy remains a popular stock among retail traders even though it was allegedly "pumped" on X toward the end of last year.

In December, the SEC brought charges against eight individuals in a $100 million securities fraud scheme in which they used X to manipulate stock prices. Camber Energy was among the stocks the individuals repeatedly posted about. 

Camber Energy is a growth-oriented diversified energy company. The company appointed a new CFO last month and was also issued a patent covering transmission line ground fault prevention systems. 

Despite this week's resurgence, shares remain down more than 80% year-to-date. The company has until April 12, 2024 to regain compliance with the NYSE American's continued listing requirements.

See Also: What's Going On With Dell Technologies Stock Thursday?

CEI Price Action: Camber Energy shares were up 38.2% at 33 cents at the time of publication, according to Benzinga Pro.

Photo: StockSnap from Pixabay.