Tellurian Inc. (TELL), a company engaged in the natural gas business worldwide, has seen an increase of 1.42% in the premarket trading session. As a result, TELL stock is trading at $3.58 at the time of this writing. On Thursday, the stock closed the day at $3.53 after increasing 5.37% in regular trading hours. Potentially, the appointment of James D. Bennett is behind this continuous rise of TELL stock, as it is on a continuous rising trajectory since this news came out.
New induction
TELL inducted James D. Bennett as a new, independent Board member on 22nd June. James is an energy and financial industry veteran. He had served as the President and CEO of SandRidge Energy, Inc. Also, he served as Managing Director first at GSO Capital Partners and then at White Deer Energy. At the time of induction in Tellurian board, he was a board member and Executive Chairman of Tapstone Energy Inc. Executive Chairman of Tellurian Charif Souki said that the experience James would be invaluable in enhancing the company’s upstream position.
TELL didn’t proceed with the public offering
On 31st August, TELL announced that it would not proceed with its underwritten public offering of $50 million aggregate principal amount of 8.25% senior notes due 2028. The offering was priced successfully on the 26th of August. NASDAQ informed Tellurian that it won’t be able to list its bonds, the reason it gave was procedural interpretation. Besides that, Tellurian also announced that underwriters of the recent public offerings of its common stock exercised their option to purchase an additional 5,250,000 shares. As a result, the total shares purchased were brought to 40,250,000. The total additional gross proceeds from the exercise of options were approximately $15.75 million. Commenting on the development, Charif Souki said that the company is disappointed with the NASDAQ decision, but he further said that the good news is that Tellurian has plenty of liquidity.
Q2 2021 financial results
On 3rd August, TELL reported the quarterly results for the second quarter of the fiscal year 2021, which ended on 30th June. According to the details, the company had cash and cash equivalents of $111.9 million on 30th June. The total assets in possession of the company on the 30th of June stood at $328.2 million. The total revenue generated from the sales of natural gas by the company during the period stood at $5.6 million. The gross gas production according to the company stood at approximately 95 million cubic feet per day. The net loss reported by the company stood at $30.6 million. The net loss per basic and diluted share during the quarter stood at $0.08.
What’s ahead for TELL?
During the last month, TELL stock has increased by 21%, while during the last 12 months; it has increased by 398%. The 52-week high of the stock has been $5.76, while 52 week low has remained at $0.68. The EPS of TELL stock is expected to grow by some 42%. Based on these indicators, the future is looking optimistic for TELL stock.
