As of last check, stock of the leading provider of innovative, project delivery solutions for the energy industry, ENGlobal Corporation (ENG) was trading at $2.10 after hours, up 6.60%. The ENG stock lost -5.74% on Friday to close at $1.97. ENG stock volumes remained steady at 0.8 million shares, which was below the daily average of 2.74 million shares within the past 50 days. In the past week, ENG stock has dropped by -17.23%, continuing its recent downtrend of 97.06% over the past year. ENG stock has shed -15.09% over the past three months, while over the past six months, it has shed -74.48%. ENG is currently valued at $73.40 million and has 29.60 million outstanding shares. This month’s developments could explain the rise in ENG stock in the absence of current news.

How is ENG Stock doing lately?

ENGlobal’s comprehensive portfolio of renewable and traditional energy projects extends across the country and internationally. Government Services and Commercial Business make up the two major business segments of ENG. ENGlobal’s Commercial segment specializes in providing engineering, design, fabrication, and integration of automated control systems for businesses. Engineering, design, installation, operation, and maintenance services are provided by the ENG’s Government Services segment in various government, public sector, and international facilities for the US Defense industry.

In its reporting of quarterly results this month, ENGlobal also shared progress on key strategic imperatives. ENGlobal’s business has fared no better than that of the overall energy market in the second quarter, as segments of the broader industry have begun recovering from the COVID-19 pandemic. ENG is, however, taking steps to better position the company to capture the expected growth in market activity.

• Since ENG began to transform into a vertically integrated company, it has accelerated that transformation as a result of its new senior management.
• As a result of ENG’s efforts this year, some of its objectives were met. ENG has added six new employees to its business development and management teams.
• Strategic growth plans and the company’s market focus have been redefined.
• The ENG logo was redesigned with a progressive feel.
• ENG incorporated social media into its marketing campaign.
• A redesigned website depicts ENG’s accomplishments, safety history, product offerings, and market focus.
• Due to its rebranding efforts, the company is now referred to as ENG.

Increasing financial strength:

As part of maintaining and strengthening its financial status, ENG is making further improvements. For the capital raising activities of ENG, the company has posted a shelf registration statement with the SEC. A registered direct offering by ENGlobal Corporation (ENG) raised approximately $19 million. As part of the registration statement, ENG implemented an ATM facility through which it may buy and sell a maximum of $25 million worth of common stock in the market at then-as-of-the-day prices from time to time.