Nine Energy Service, Inc. (NYSE:NINE) Forecasted to Earn Q2 2024 Earnings of ($0.37) Per Share

Nine Energy Service, Inc. (NYSE:NINE) – Equities research analysts at Atb Cap Markets dropped their Q2 2024 earnings estimates for Nine Energy Service in a report issued on Tuesday, May 7th. Atb Cap Markets analyst W. Syed now anticipates that the company will post earnings of ($0.37) per share for the quarter, down from their previous estimate of ($0.19). The consensus estimate for Nine Energy Service’s current full-year earnings is ($0.78) per share. Atb Cap Markets also issued estimates for Nine Energy Service’s Q3 2024 earnings at ($0.27) EPS, Q4 2024 earnings at ($0.20) EPS, FY2024 earnings at ($1.08) EPS, Q1 2025 earnings at ($0.23) EPS, Q3 2025 earnings at ($0.11) EPS, Q4 2025 earnings at ($0.13) EPS, FY2025 earnings at ($0.62) EPS and FY2026 earnings at ($0.26) EPS.

Nine Energy Service Price Performance

NYSE:NINE opened at $1.89 on Friday. The firm has a 50-day moving average of $2.32 and a 200-day moving average of $2.42. Nine Energy Service has a one year low of $1.79 and a one year high of $5.59.

Nine Energy Service (NYSE:NINE) last posted its quarterly earnings results on Thursday, March 7th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.05. The company had revenue of $144.07 million during the quarter, compared to the consensus estimate of $142.00 million.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quadrature Capital Ltd purchased a new position in Nine Energy Service in the fourth quarter valued at about $62,000. Gendell Jeffrey L boosted its stake in Nine Energy Service by 6.7% in the fourth quarter. Gendell Jeffrey L now owns 3,313,322 shares of the company’s stock valued at $8,880,000 after acquiring an additional 209,407 shares during the last quarter. CastleKnight Management LP purchased a new position in Nine Energy Service in the fourth quarter valued at about $657,000. Clarity Financial LLC boosted its stake in Nine Energy Service by 53.8% in the fourth quarter. Clarity Financial LLC now owns 2,471,249 shares of the company’s stock valued at $6,623,000 after acquiring an additional 864,455 shares during the last quarter. Finally, Citigroup Inc. purchased a new position in Nine Energy Service in the third quarter valued at about $164,000. 57.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Nine Energy Service

In other news, Director Ernie L. Danner sold 136,853 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $1.98, for a total transaction of $270,968.94. Following the completion of the sale, the director now directly owns 79,719 shares of the company’s stock, valued at $157,843.62. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Ernie L. Danner sold 136,853 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $1.98, for a total transaction of $270,968.94. Following the transaction, the director now directly owns 79,719 shares in the company, valued at $157,843.62. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Ann G. Fox sold 216,704 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $2.17, for a total transaction of $470,247.68. Following the transaction, the insider now owns 508,783 shares in the company, valued at $1,104,059.11. The disclosure for this sale can be found here. Insiders sold a total of 380,698 shares of company stock valued at $795,745 over the last three months. Corporate insiders own 5.50% of the company’s stock.

About Nine Energy Service

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.