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Enservco Corporation (NYSE American: ENSV) is a leading provider of well-site services in the domestic onshore oil and gas industry. Headquartered in Colorado Springs, Colorado, Enservco operates through two primary subsidiaries: Heat Waves Hot Oil Service and Dillco Fluid Services. The company offers a comprehensive range of services that includes hot oiling, acidizing, frac heating, pressure testing, bacteria and scale treatment, freshwater and saltwater hauling, fluid disposal, frac tank rental, and well site construction. These services are vital for the maintenance and enhancement of oil and gas wells, making Enservco a crucial partner for energy companies of all sizes.
Enservco's operations span a wide geographical area, serving oil and gas producers in Colorado, Utah, Wyoming, Kansas, Texas, Oklahoma, New Mexico, and the northeastern United States, particularly in the Marcellus Shale of the Appalachian Basin. The company is also expanding its presence in North Dakota to cater to the Bakken formation.
The company's recent achievements include a strategic exit from the North Dakota region to reallocate resources to more profitable areas, resulting in improved financial performance. For the nine-month period ending September 30, 2023, Enservco reported a 3% increase in revenue year over year, reaching $15.6 million. The company also improved its adjusted EBITDA by 42%, despite a negative impact from its North Dakota exit.
In the third quarter of 2023, Enservco acquired substantially all the assets of Rapid Hot, a major provider of frac water heating services in Ohio, Pennsylvania, and West Virginia. This acquisition not only bolsters Enservco's position in the Marcellus Shale but also adds incremental revenue and management depth. The company closed the third quarter with $4.2 million in term debt, down from $5.3 million at the end of 2022.
Looking ahead, Enservco is focused on organic growth, controlling costs to improve profitability, and reducing long-term debt. With improving margins and continued drilling activity, the company expects further demand growth for its services. Enservco remains committed to providing dependable, round-the-clock service to its customers, ensuring the efficient operation of oil and gas wells across its service areas.
Enservco Corporation (NYSE American: ENSV) announced the appointment of C. Kevin Chesser to its Board of Directors, bringing over 34 years of finance experience in the energy sector. Chesser's background includes significant roles at Deloitte and as a CFO-level consultant. Enservco projects first quarter 2023 revenue to exceed $8.7 million, driven by rising customer demand and a strong performance in its hot oiling services, particularly in Texas, which achieved its first $1 million month in February 2023. This leadership change is seen as a strategic move to enhance financial oversight and support the company's growth strategy.
Enservco Corporation (NYSE American: ENSV) reported a robust Q4 2022, with revenue soaring 59% year-over-year to $6.5 million, marking its seventh consecutive quarter of growth. The company also indicated an improved net loss of $1.7 million, down from $3.1 million year-over-year. Full-year revenue reached $21.6 million, a 41% increase from the previous year, driven by gains in both production and completion segments. Adjusted EBITDA turned positive at $17,000 compared to a $2.0 million loss last year. Additionally, a public offering in February raised approximately $3.5 million to support growth initiatives, while notable debt conversions are set to strengthen the balance sheet.
Enservco Corporation (ENSV) announced a public offering of 7,000,000 shares of common stock and warrants at a price of $0.50 per share. This offering, which aims to raise approximately $3.5 million, is expected to close on or around February 27, 2023. The funds will be used for general corporate purposes, including debt repayment and potential acquisitions. A.G.P./Alliance Global Partners is the sole placement agent for this offering, which is registered under Form S-1 with the SEC. Investors should be aware that this offering does not constitute a solicitation for purchase before registration or qualification in any jurisdiction.
Enservco Corporation (NYSE American: ENSV) announced it has received a notice of noncompliance from the NYSE American due to not holding an annual meeting in 2022, stemming from a financial statement restatement. The company plans to hold the annual meeting in 2023, aiming to regain compliance with listing standards. Enservco provides specialized well-site services across major domestic oil and gas basins in the U.S., including services like hot oiling and acidizing. The company emphasizes a range of future uncertainties in its forward-looking statements.
Enservco Corporation (NYSE American: ENSV) reported Q3 2022 revenue of $3.1 million, up 3% year-over-year, while experiencing a net loss of $3.1 million, compared to a net income of $0.4 million in the previous year. This decline is attributed to the $2.0 million PPP loan forgiveness and $0.7 million in Employee Retention Credits received in Q3 2021. Nine-month revenue rose 35% to $15.1 million, with net loss reduced to $3.9 million from $5.0 million in the prior year. Adjusted EBITDA loss improved to $1.3 million in Q3 and $2.7 million for the nine-month period.
Enservco Corporation (NYSE American: ENSV) has received a notice of noncompliance from NYSE Regulation due to its stockholders' equity of $5.2 million being below the required minimum of $6.0 million as of June 30, 2022. While this notice does not immediately affect trading, Enservco must submit a plan by January 9, 2023, to address the deficiency. If accepted, the company has until June 9, 2024, to regain compliance. Enservco provides well-site services across multiple U.S. oil and gas basins.
Enservco Corporation (ENSV) announced it will file its third quarter financial results by mid-December 2022, following a delay in meeting its November 14 deadline due to prior SEC filings. This led to a late filer notification from the NYSE American Exchange. Upon filing the Form 10-Q for the period ending September 30, 2022, the company will be current in its SEC filings and compliant with NYSE guidelines. Enservco specializes in diverse well-site services across multiple U.S. oil and gas basins.
Enservco Corporation (ENSV) reported a 12% year-over-year revenue increase for Q2, reaching $3.5 million compared to $3.1 million. Despite this growth, the net loss widened to $3.9 million, up from $1.4 million, mainly due to nonrecurring expenses related to financial restatements and CFO transition costs. For the six-month period, revenue surged 46% year-over-year to $12.0 million, and the net loss decreased to $0.8 million from $5.3 million, driven by a $4.3 million gain on debt extinguishment. The company aims to finalize its Q3 results soon.
Enservco Corporation (NYSE American: ENSV) reported a significant 67% increase in Q1 revenue, reaching $8.6 million, up from $5.1 million in the previous year. This growth was driven by increased customer demand due to higher commodity prices. The net income improved to $3.1 million from a net loss of $3.9 million a year ago. Adjusted EBITDA also saw a positive change, from a loss of $0.9 million to $0.2 million. The company aims to file its second quarter Form 10-Q by November 11, 2022.
Enservco Corporation (NYSE American: ENSV) has appointed Pannell Kerr Forster of Texas, P.C. as its new independent registered public accounting firm, replacing Plante & Moran PLLC. This transition is effective immediately and was announced without any "disagreements" or "reportable events" with the previous firm. Rich Murphy, Executive Chairman, stated that PKF Texas is currently reviewing the first and second quarter financial statements to expedite the company’s compliance with SEC filings.
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