Mammoth Energy Announces Contract to Rebuild Puerto Rico Infrastructure
Mammoth Energy Services, Inc. (TUSK) announced on October 19 that its wholly owned subsidiary, Cobra Acquisitions, LLC, signed a contract to help rebuild the utility infrastructure in Puerto Rico. Cobra specializes in the repair and construction of transmission and distribution networks. The contract begins immediately and is expected to yield revenue of around $200 million during the first 120 days.
Sonal sent an alert about the announcement on October 19 at 7:39 pm. The next trade took place for $15.10 on the morning of October 20 at 9:29 am. The stock opened at $15.05 during regular market trading hours.
The stock price continued to rise throughout the day on the positive news. Mammoth Energy closed at $17.20, which resulted in a gain of over 14% for the day.
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