It's an ugly session for Nuverra Environmental (NES -32%) after reporting weak Q3 results and a 1:10 reverse split, but at least losses have held steady through the day.
Of $233M in asset writedowns, $98.5M went toward the TFI business bought last year for $245M; NES says it plans to sell the business, an admission that the business never lived up to its billing as a stable source of earnings.
Revenue in the fluids management unit was flat as earnings declined; peers Key Energy (KEG) and Basic Energy Services (BAS) appear to be doing a better job managing current conditions.
On its Q4 outlook, NES says it doesn't expect a material change in overall business activity and believes the typical seasonal slowdown could be greater than normal.
Craig Hallum cuts shares to Sell from Hold after "consistently poor results" and "continued margin compression."
Heckmann (HEK) -6.5% premarket after Global Hunter downgrades shares to Sell and cuts its target price to $2.50 from $3.50 following Q1 misses on the top and bottom lines. The firm says it can't assign a premium multiple any longer to a company that has proven it is in a highly cyclical business with considerable threats.
Bill Diehl+ FollowFollowing- Unfollow|Send Message4 Feb
: The company has refinanced it's debt saving a lot in interest.
Feb 4, 10:12 AM
holydawn+ FollowFollowing- Unfollow|Send Message29 Jan
$NES Did state of union help this company at all regarding the proposed investment in natural gas?
Jan 29, 12:36 PM
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Green Eagle+ FollowFollowing- Unfollow|Send Message29 Jan
: Sorry, I think it's gonna take a lot more than the SOTU to help this one out.
Jan 29, 1:32 PM
NES vs. ETF Alternatives
Nuverra Environmental Solutions Inc formerly, Heckmann Corp provides environmental solutions to customers focused on the development and ongoing production of oil and natural gas from shale formations.