Nine Energy Service (NINE:NYE) is set to announce its quarterly earnings results on Wednesday, March 8th, before the market opens. According to analysts, the company is expected to post earnings of $0.36 per share for the quarter.
NINE Stock Price Analysis:
On Wednesday, shares of Nine stock opened at $9.60, down 0.4%. The company has a 50-day moving average of $12.55 and a two-hundred-day moving average of $8.06.
Nine Energy Service has a 52-week low of $1.10 and a 52-week high of $17.10. The firm has a market capitalization of $318.91 million, a P/E ratio of -29.09, and a beta of 3.35.
NINE Stock-Insider Transactions:
In other news, major shareholder Warren Lynn Frazier sold 300,000 shares of NINE stock in a transaction that occurred on Thursday, December 22nd, at an average price of $12.34 per share.
Following the transaction, Frazier now owns 3,449,087 shares in the company, valued at $42,561,733.58. Insiders sold a total of 421,958 shares of company stock worth $5,438,366 over the last three months.
Corporate insiders own 6.10% of the NINE stock.
Hedge Funds & Institutional Investors:
Several institutional investors have recently added or reduced their stakes in Nine Energy Service.
Renaissance Technologies LLC boosted its holdings in Nine Energy Service by 257.0% during the fourth quarter, while Morgan Stanley increased its stake by 10,655.5%.
Vanguard Group Inc. boosted its stake in the company by 14.7% during the first quarter, and Steamboat Capital Partners LLC acquired a new position in Nine Energy during the fourth quarter.
Finally, Two Sigma Investments LP increased its stake in the company by 839.5% during the fourth quarter.
Currently, 52.61% of NINE stock is owned by institutional investors.
NINE Stock-Analyst Ratings:
Separately, EF Hutton Acquisition Co. reiterated a “buy” rating and issued a $18.00 price target on shares of Nine Energy Service in a research note on Monday, January 23rd.
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.
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.