SSOF (Sixty Six Oilfield Services, Inc.) Closed Up 166.67% Today After Releasing Strong Quarter 1 Revenue Of More Than $1.4 Million!
There can be no doubt about the fact that SSOF (Sixty Six Oilfield Services, Inc.) was the most powerful penny stock pick of the day, with a close up a whopping 166.67% after announcing a strong Quarter 1 2017, financial statement! The big news was released pre-market at 8 am and with the volume topping 100 million, there can be no doubt that word of their financial news got out quickly among OTC Market traders.
The big news within the press release, was their announcement that Sixty Six Oilfield Services Inc, had gross revenue of $1,434,000 in the first quarter of 2017, with total expenses of $1,126,000 and a net profit of $308,000 on assets and liabilities of $6.482 million. Those of you that trade on the larges stock exchanges may be a bit confused as to the excitement about this news but the fact is point blank, that the vast majority of penny stocks never ven post revenue at all, let alone manage to actually turn a profit! This financial report news is huge among the many struggling OTC stocks and leads us to believe there could very well be more to come from this one as it continues to see growth throughout the rest of the year. The information provided in their financial statement also included information accounting for the acquisition of 66 Oilfield Services, LLC as a reverse merger.
Now that we've spoken about a lot of the good, we also want to tell you why you should remain cautious with this play, especially after it having nearly tripled over the course of the past trading day. SSOF continues to be a stock that operated on the Pink Sheets No Information tier of the OTC, This means that they do not provide filing information for their financial statements with the SEC. With that said, you may of course wonder to yourself how this could be possible when there are examples such as today's major quarter 1 report release. Well the truth is, they did not file that report with the SEC and instead filed it through a third party website that makes OTC stocks financial reports that are not filed with the SEC, viewable to the public for review. This in itself could be a major red flag moving forward and their standing on the OTC Markets, no information tier, is undoubtedly keeping many seasoned investors and traders away, that have been burned by such setups in the past.
With all of that said, be sure to continue keeping a close eye on this company, especially for the potential of full financial filings actually conducted through the SEC in the future. If this never occurs, this stock likely just isn't the real deal but if it does happen and they release such information through the SEC, this could just be the beginning of far more to come.
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