Wall Street Zen Downgrades Nine Energy Service (NYSE:NINE) to Strong Sell

Nine Energy Service (NYSE:NINE) was downgraded by investment analysts at Wall Street Zen to a “strong sell” rating in a research report issued on Saturday.

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Nine Energy Service in a research report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has a consensus rating of “Sell”.

Nine Energy Service Stock Down 6.1%

Nine Energy Service stock opened at $0.47 on Friday. The company’s 50 day moving average price is $0.41 and its two-hundred day moving average price is $0.59. The stock has a market cap of $20.42 million, a P/E ratio of -0.47 and a beta of 2.22. Nine Energy Service has a 52 week low of $0.29 and a 52 week high of $1.78.

Nine Energy Service (NYSE:NINE) last released its earnings results on Thursday, October 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.05). The business had revenue of $132.03 million during the quarter, compared to analyst estimates of $139.16 million. On average, equities analysts anticipate that Nine Energy Service will post -1.12 EPS for the current year.

Institutional Trading of Nine Energy Service

Institutional investors have recently added to or reduced their stakes in the business. Two Sigma Investments LP purchased a new stake in Nine Energy Service during the third quarter valued at approximately $47,000. Truist Financial Corp purchased a new stake in shares of Nine Energy Service in the 2nd quarter worth $73,000. Finally, GSA Capital Partners LLP raised its holdings in Nine Energy Service by 12.8% in the 3rd quarter. GSA Capital Partners LLP now owns 278,509 shares of the company’s stock worth $176,000 after purchasing an additional 31,562 shares during the period. 57.61% of the stock is currently owned by hedge funds and other institutional investors.

About Nine Energy Service

Nine Energy Service, Inc (NYSE: NINE) is a Houston, Texas–based oilfield services company specializing in completion and production equipment and services for the upstream oil and gas industry. The company traces its roots to the Keane Group, a wireline and completion‐service provider founded in the late 1990s, and was rebranded as Nine Energy Service in 2017 following a corporate realignment. Today, Nine offers an integrated suite of services that spans the full life cycle of a well.

Nine Energy Service’s core offerings include hydraulic fracturing horsepower, high‐pressure fluid pumps, nitrogen pumping units, and sand management systems.