Is It Time To Review Stock News? Trecora Resources (NYSE:TREC)

Trecora Resources (NYSE:TREC) stock identified change of 32.44% away from 52-week low price and recently located move of -36.42% off 52-week high price. It has market worth of $217.51M. TREC stock has been recorded -1.71% away from 50 day moving average and -2.73% away from 200 day moving average. Moving closer, we can see that shares have been trading -1.19% off 20-day moving average.

On Oct. 2, 2019, Trecora Resources (NYSE:TREC) a leading provider of specialty hydrocarbons and waxes, reported that it has entered into a definitive share sale and purchase agreement (Agreement) with certain existing shareholders of Saudi Arabian closed joint stock company, Al Masane Al Kobra Mining Company (AMAK), who will acquire Trecora’s entire equity interest in AMAK. AMAK itself will also participate in this transaction through its share repurchase authorization program. Under the terms of the Agreement, Trecora will sell its 33.3% equity interests in AMAK for $70 million. Trecora expects to receive net proceeds of approximately $60 million in cash, net of both US and Saudi taxes, as well as transaction expenses. The consideration will be payable in US Dollars.

This transaction, which has no financing conditions, is subject to government approvals and closing conditions, and is targeted to close in the fourth quarter 2019, assuming receipt of all necessary government approvals. Trecora has received a 5% non-refundable deposit of $3.5 million from the purchasers.

We are pleased to achieve this important strategic milestone and fulfill our longstanding commitment to deliver significant shareholder value, through the sale of our AMAK ownership.  AMAK has been a meaningful but non-core asset for many years. Over the past two years, AMAK has accomplished significant operational restructuring and upgrades thus greatly enhancing its value, and allowing for a transaction that we believe achieves a good outcome for all shareholders, said Pat Quarles, Trecora’s President and Chief Executive Officer.

The Basic Materials sector company, Trecora Resources noticed change of 0.68% to $8.86 along volume of 88219 shares in recent session compared to an average volume of 42.63K. The stock observed return of -1.88% in 5 days trading activity. The stock was at -2.64% over one month performance. TREC’s shares are at -6.24% for the quarter and driving a -35.42% return over the course of the past year and is now at 13.59% since this point in 2018.

The average volatility for the week at 2.31% and for month was at 2.48%. There are 24.55M shares outstanding and 21.38M shares are floated in market. Right now the stock beta is 1.22.

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