- Emerge Energy Services (EMES -29.3%) plunges at the open following last night's announcement that it will not make a Q3 cash distribution because it did not generate distributable cash flow.
- Analysts are weighing in, with Stifel issuing a Sell recommendation with a $1 price target, saying it "would not rule out an equity value going to zero should the [frac sand] industry continue to struggle and banks tighten."
- Baird says "look out below," reiterating its Underperform rating and cutting its price target to $3 from $5 previously.
- Wunderlich lowers it price target to $4 from $7, expecting EMES likely to suffer multiple quarters without a distribution (Briefing.com).
- Frac sand peers also are lower: HCLP -10.3%, CRR -9.9%, FMSA -4.2%, SLCA -0.3%.