Many penny stock investors are asking what’s the story with Camber Energy after the stock jumped 53% on Tuesday. Many are speculating that its planned merger with Viking Energy Group is finally going to happen.
In this article, we take a look at Camber Energy and the risk/reward opportunity. Remember, this was a stock that was trading over $8 at this time last year. However, the collapse in energy prices and the COVID-19 pandemic have wreaked havoc on its business plans, including the planned merger with Viking.
Camber Energy Daily Chart
Camber Energy
First up, here’s a little background info for those not familiar with the stock. Based in Houston, Texas, Camber Energy (NYSE American: CEI) is a growth-oriented, independent oil and gas company engaged in the development of crude oil, natural gas, and natural gas liquids in Texas and Louisiana. The company was formerly known as Lucas Energy.