Trio Petroleum (NYSEMKT:TPET) Shares Down 19.1% – Here’s What Happened

Trio Petroleum Corp. (NYSEMKT:TPET) dropped 19.1% on Tuesday . The stock traded as low as $1.01 and last traded at $0.8330. Approximately 198,879 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 1,717,439 shares. The stock had previously closed at $1.03.

Trio Petroleum Stock Down 19.1%

The firm has a market cap of $7.03 million, a P/E ratio of -1.32 and a beta of -5.15. The firm’s 50-day moving average price is $0.90 and its 200 day moving average price is $1.08.

About Trio Petroleum

We are an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California. The Company was incorporated on July 19, 2021, under the laws of Delaware to acquire, fund and develop oil exploration and production assets in California. We have no revenue-generating operations as of the date of this prospectus. The Company was formed to acquire Trio Petroleum LLC’s (“Trio LLC”) approximate 82.75% working interest (“WI”) (which was subsequently increased to an approximate 85.75% working interest) in the large, approximately 8,600-acre South Salinas Project (the “South Salinas Project”), and subsequently partner with certain members of Trio LLC’s management team to develop and operate those assets.