Nine Energy Service (NYSE:NINE) Announces Earnings Results

Nine Energy Service (NYSE:NINE) posted its quarterly earnings results on Thursday. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.04, reports. The company had revenue of $138.16 million during the quarter, compared to the consensus estimate of $133.20 million.

Nine Energy Service Price Performance

Shares of Nine Energy Service stock opened at $1.03 on Friday. The business has a 50-day simple moving average of $1.13 and a 200 day simple moving average of $1.54. Nine Energy Service has a one year low of $0.75 and a one year high of $3.71. The firm has a market capitalization of $42.40 million, a price-to-earnings ratio of -0.86 and a beta of 3.31.

Insiders Place Their Bets

In other news, major shareholder William Monroe bought 470,362 shares of the stock in a transaction dated Tuesday, August 6th. The shares were bought at an average cost of $1.58 per share, with a total value of $743,171.96. Following the completion of the transaction, the insider now directly owns 3,900,000 shares of the company’s stock, valued at $6,162,000. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 32,036 shares of company stock worth $45,697. Corporate insiders own 6.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in NINE. Great Valley Advisor Group Inc. bought a new position in Nine Energy Service in the 2nd quarter valued at about $34,000. Virtu Financial LLC lifted its holdings in shares of Nine Energy Service by 352.9% in the first quarter. Virtu Financial LLC now owns 58,535 shares of the company’s stock valued at $131,000 after purchasing an additional 45,611 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Nine Energy Service during the second quarter valued at approximately $32,000. Vanguard Personalized Indexing Management LLC bought a new stake in Nine Energy Service during the second quarter worth $31,000. Finally, Jaffetilchin Investment Partners LLC raised its position in Nine Energy Service by 89.8% in the 2nd quarter. Jaffetilchin Investment Partners LLC now owns 113,424 shares of the company’s stock valued at $191,000 after buying an additional 53,657 shares during the last quarter. 57.61% of the stock is currently owned by institutional investors and hedge funds.

About Nine Energy Service

Nine Energy Service, Inc operates as an onshore completion services provider that targets unconventional oil and gas resource development in North American basins and internationally. It offers cementing services, including blending high-grade cement and water with various solid and liquid additives to create a cement slurry that is pumped between the casing and the wellbore of the well.