Nine Energy Service, Inc. (NINE) saw a boost in the current market after announcing the date for the release of its fourth-quarter financial results. NINE is currently trading at $2.60, representing a gain of more than 44 percent over Friday’s closing price. At the end of the most recent trading session, the stock traded at $1.80. The volume of shares exchanged in the previous trading session was around 552.84K. The company has a current market capitalization of approximately $59.09 million at the time of this writing.
NINE: Reason for the stock gain
Nine Energy Service, Inc. (NINE) announced today in a news release that the business will have an earnings presentation on Tuesday, March 8, 2022, to discuss its fourth-quarter financial results. After reporting results for the third quarter of 2020, the company predicted no change in sales or a minor increase in revenue for the fourth quarter of the same year.
Another possible explanation is that the demand for its US-based energy company must have surged due to the west’s decision to reduce its reliance on Russian oil and energy. Following Russia’s invasion of Ukraine, the decision was made. Due to this reason, many oil and gas companies have seen a surge in their stock during the past few days.
NINE: Q3 Highlights
- During the third quarter of 2021, Nine Energy Service, Inc. (NINE) reported revenues of $92.9 million.
- The company suffered a net loss of approximately $(16.1) million during the third quarter.
- NINE’s basic loss per share was $(0.53) in the third quarter.
- Nine Energy Service had an adjusted EBITDA of $4.5 million.
- The company’s adjusted net loss for the third quarter of 2021 was $(15.7) million, or $(0.51) adjusted basic loss per share for the quarter.
Conclusion
The rising global supply chain disruption in the energy sector has caused to increase its demand for the US-based energy company. Also, the company is expecting a slight increase in its revenue due to these two reasons the stock rallies in the current market today.