Can Nine Energy Service Inc (NINE) stock recover despite sales dropping?

In yesterday’s Wall Street session, Nine Energy Service Inc (NYSE:NINE) shares traded at $2.54, down -25.95% from the previous session.

2 analysts cover Nine Energy Service Inc (NYSE:NINE), according to research data. The consensus rating among analysts is ‘Hold’. As we calculate the median target price by taking the range between a high of $7.00 and a low of $3.50, we find $5.25. Given the previous closing price of $3.43, this indicates a potential upside of 53.06 percent. NINE stock price is now -38.09% away from the 50-day moving average and -52.84% away from the 200-day moving average. The market capitalization of the company currently stands at $89.79M.

The stock has received a hold rating from 0 analysts and a buy rating from 1. Brokers who have rated the stock have averaged $5.25 as their price target over the next twelve months.

With the price target enhanced from $1 to $3, Citigroup Upgraded its rating from Sell to Neutral for Nine Energy Service Inc (NYSE: NINE).

In other news, Crombie David, insider sold 40,657 shares of the company’s stock on Aug 11. The stock was sold for $187,022 at an average price of $4.60. Upon completion of the transaction, the insider now directly owns 209,075 shares in the company, valued at $0.53 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Aug 11, See Remarks MOORE THEODORE R. sold 22,221 shares of the business’s stock. A total of $103,772 was realized by selling the stock at an average price of $4.67. This leaves the insider owning 115,725 shares of the company worth $0.29 million. Insiders disposed of 1,564,604 shares of company stock worth roughly $3.97 million over the past 1 year. A total of 18.88% of the company’s stock is owned by insiders.

On Tuesday morning Nine Energy Service Inc (NYSE: NINE) stock kicked off with the opening price of $3.2500. During the past 12 months, Nine Energy Service Inc has had a low of $2.90 and a high of $17.10. The fifty day moving average price for NINE is $4.1030 and a two-hundred day moving average price translates $5.3860 for the stock.

The latest earnings results from Nine Energy Service Inc (NYSE: NINE) was released for Jun, 2023. According to the Oil & Gas Equipment & Services Company, earnings per share came in at -$0.06, missing analysts’ expectations of -$0.04 by -0.02. This compares to -$0.03 EPS in the same period last year. The company reported revenue of $161.43 million for the quarter, compared to $142.35 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 13.41 percent. For the current quarter, analysts expect NINE to generate $146.1M in revenue.

Nine Energy Service Inc(NINE) Company Profile

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, 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. The company also provides open hole and cemented completion tool products, such as liner hangers and accessories, fracture isolation packers, frac sleeves, stage one prep tools, casing flotation tools, specialty open hole float equipment, disk subs, composite cement retainers, and centralizers that provide pinpoint frac sleeve system technologies. In addition, it offers wireline services consisting of plug-and-perf completions, which is a multistage well completion technique for cased-hole wells that consists of deploying perforating guns and isolation tools to a specified depth; and coiled tubing services, which perform wellbore intervention operations utilizing a continuous steel pipe that is transported to the wellsite wound on a large spool in lengths of up to 30,000 feet. The company was formerly known as NSC-Tripoint, Inc. and changed its name to Nine Energy Service, Inc. in October 2011. Nine Energy Service, Inc. was incorporated in 2011 and is headquartered in Houston, Texas.

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