Zacks Investment Research Downgrades Nine Energy Service (NYSE:NINE) to Sell

Nine Energy Service (NYSE:NINE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Nine Energy Service, Inc. provides onshore completion and production services to unconventional oil and gas resource development. The Company’s operating segment consists of Completion Solutions and Production Solutions. Completion Solutions segment provides services integral to the completion of unconventional wells. Production Solutions segment provides production enhancement and well work over services. It also offers auxiliary services including casing jacks with hydraulic power source and oil field equipment hauling. The company operates primarily in the Permian, Eagle Ford, MidCon, Barnett, Bakken, Rockies, Marcellus, Utica and throughout Canada. Nine Energy Service, Inc. is headquartered in Houston, Texas. “

NYSE NINE opened at $1.73 on Wednesday. The business has a 50 day simple moving average of $2.15 and a 200 day simple moving average of $2.68. Nine Energy Service has a one year low of $0.99 and a one year high of $6.59. The stock has a market capitalization of $54.25 million, a P/E ratio of -0.09 and a beta of 3.74. The company has a debt-to-equity ratio of 6.43, a current ratio of 5.36 and a quick ratio of 3.86.

Nine Energy Service (NYSE:NINE) last released its earnings results on Thursday, May 6th. The company reported ($0.85) EPS for the quarter, missing the consensus estimate of ($0.83) by ($0.02). Nine Energy Service had a negative return on equity of 65.52% and a negative net margin of 136.82%. Equities analysts expect that Nine Energy Service will post -3.69 earnings per share for the current year.

In other Nine Energy Service news, insider David Crombie sold 64,569 shares of the stock in a transaction that occurred on Wednesday, March 10th. The stock was sold at an average price of $3.30, for a total value of $213,077.70. Following the transaction, the insider now owns 204,792 shares in the company, valued at $675,813.60. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ann G. Fox sold 20,839 shares of the stock in a transaction that occurred on Wednesday, March 10th. The stock was sold at an average price of $3.28, for a total value of $68,351.92. Following the completion of the transaction, the chief executive officer now owns 409,607 shares in the company, valued at approximately $1,343,510.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 140,408 shares of company stock worth $384,065. Corporate insiders own 3.60% of the company’s stock.

Several hedge funds have recently bought and sold shares of NINE. Acadian Asset Management LLC bought a new position in shares of Nine Energy Service in the first quarter valued at approximately $44,000. Kestra Advisory Services LLC bought a new position in shares of Nine Energy Service in the fourth quarter valued at approximately $45,000. Squarepoint Ops LLC lifted its holdings in shares of Nine Energy Service by 470.1% in the fourth quarter. Squarepoint Ops LLC now owns 84,797 shares of the company’s stock valued at $231,000 after purchasing an additional 69,923 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Nine Energy Service by 12.4% in the first quarter. Renaissance Technologies LLC now owns 359,800 shares of the company’s stock valued at $828,000 after purchasing an additional 39,700 shares in the last quarter. Institutional investors own 50.37% of the company’s stock.

Nine Energy Service Company Profile

Nine Energy Service, Inc operates as an onshore completion services provider that targets unconventional oil and gas resource development across North American basins and internationally. It offers cementing services, which consist of 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.

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