Nine Energy Service (NYSE:NINE) Lowered to “Sell” Rating by Wall Street Zen

Nine Energy Service (NYSE:NINE) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Nine Energy Service in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Nine Energy Service currently has a consensus rating of “Sell”.

Nine Energy Service Trading Down 0.6%

Shares of NINE stock opened at $0.50 on Friday. The firm has a market capitalization of $21.55 million, a P/E ratio of -0.55 and a beta of 2.83. Nine Energy Service has a 1 year low of $0.44 and a 1 year high of $1.87. The firm’s fifty day simple moving average is $0.64 and its 200 day simple moving average is $0.69.

Nine Energy Service (NYSE:NINE) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The firm had revenue of $147.25 million for the quarter, compared to analyst estimates of $143.60 million. Equities research analysts anticipate that Nine Energy Service will post -1.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Nine Energy Service

Institutional investors have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP grew its stake in shares of Nine Energy Service by 17.2% in the 1st quarter. GSA Capital Partners LLP now owns 988,106 shares of the company’s stock valued at $1,117,000 after purchasing an additional 145,258 shares during the period. Aristeia Capital L.L.C. acquired a new stake in Nine Energy Service in the 1st quarter valued at $428,000. Finally, Truist Financial Corp bought a new stake in Nine Energy Service in the second quarter valued at $73,000. 57.61% of the stock is owned by institutional investors and hedge funds.

Nine Energy Service 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, 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.