Welcome to our dedicated page for ENSERVCO news (Ticker: ENSV), a resource for investors and traders seeking the latest updates and insights on ENSERVCO stock.
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 (ENSV) announced a public offering of 3,652,173 shares at $2.30 each, aiming for gross proceeds of $8.4 million. The offering, set to close on February 11, 2021, includes a 45-day option for underwriters to purchase an additional 547,825 shares. Funds from this offering will be allocated for working capital and debt reduction. The offering was conducted under a registration statement filed with the SEC, effective from February 8, 2021.
Enservco Corporation (NYSE American: ENSV) announced that Cross River Partners will convert $1.25 million in subordinated debt and $62,000 in accrued interest into 601,674 shares of common stock at $2.18 per share. This exchange will eliminate a total of $2.5 million in sub-debt and $326,000 in interest, contributing to a total debt reduction of $18.8 million since September 2020. The debt elimination enhances the company's financial position and supports growth initiatives as oil and gas markets improve.
Enservco Corporation (NYSE American: ENSV) reported a third-quarter revenue of $1.8 million, down from $3.8 million year-over-year, but achieved net income of $8.4 million, aided by an $11.9 million gain from debt restructuring. The company reduced total debt by $16.0 million through refinancing, adding $12.5 million to stockholders' equity. Cost-cutting measures resulted in $4.0 million in annualized savings, improving segment profitability. A 1-for-15 reverse stock split is planned for November 20, 2020, to maintain NYSE listing. Equity raised in October supports operational needs for the heating season.
Enservco Corporation (ENSV) will announce its 2020 third quarter financial results on November 12, 2020, after market close. A conference call and webcast will follow at 2:30 PM MT (4:30 PM ET) to discuss these results and operational updates. Investors can join the call by dialing 833-492-0064 or by attending the webcast via the Enservco website. A replay of both the call and webcast will be available until November 19 and December 12, 2020, respectively. Enservco offers specialized well-site services across several major U.S. oil and gas basins.
Enservco Corporation (NYSE American: ENSV) will implement a 1-for-15 reverse stock split effective after market close on November 20, 2020. This decision follows stockholder approval for a reverse split of 1-for-10 to 1-for-25, aimed at meeting NYSE listing requirements due to shares trading below the acceptable price threshold. Post-split, outstanding shares will reduce from approximately 77 million to 5.14 million, with no change in the authorized share count. The company anticipates attracting new investors following this change, as stated by President Marjorie Hargrave.
Enservco Corporation (NYSE American: ENSV) has announced significant leadership changes. CFO Marjorie Hargrave has been elected President, credited with reducing total debt by over 50% and increasing stockholders’ equity by approximately $17.5 million. Operating expenses have also decreased by around $4 million under her guidance. Amanda Dalbey is promoted to Vice President of Operations, having been pivotal in improving operational efficiency. These changes coincide with the lead-up to the crucial heating season, which typically generates most of the company’s revenue and profitability.
Enservco Corporation (ENSV) announced a significant debt reduction plan with East West Bank, aiming to cut total bank debt from approximately $33 million to $17 million. In exchange for the reduction, EWB will receive eight million shares of restricted common stock and warrants for 15 million shares. This restructuring is expected to increase stockholders’ equity by $17.5 million. The new terms include an interest-only term loan at 8.25% and a $1 million working capital revolving line. The deal is anticipated to close in October 2020, marking a nearly 52% decrease in total debt.
Enservco Corporation (NYSE American: ENSV) reported a significant decline in second-quarter revenue, totaling $2.1 million, down from $6.3 million year-over-year, primarily due to reduced customer activity amid COVID-19 impacts. The company incurred a net loss of $4.4 million, compared to a $3.2 million loss in the same quarter last year. In response, Enservco has cut more than $4.0 million in annualized costs and is working on refinancing its debt, including a 45-day extension from East West Bank. Additionally, approximately $1.5 million of subordinated debt is to be converted into equity.
Enservco Corporation (NYSE American: ENSV), a provider of oilfield services, will announce its 2020 second quarter financial results on August 14, 2020, before market open. Following the release, a conference call will be held at 7:00 a.m. MT (9:00 a.m. ET) to discuss the results and operations. Participants can join the call by dialing 844-369-8770 (international: 862-298-0840). A replay will be available until August 28, 2020. Enservco operates across seven major U.S. oil and gas basins, offering services like hot oiling and acidizing.
Enservco Corporation reported a significant decline in first-quarter financial results for 2020.
Total revenue fell 62% to $9.4 million from $24.8 million year-over-year. Production services revenue decreased by 22% to $3.2 million, while completion services revenue dropped 70% to $6.2 million. The company incurred a net loss of $2.8 million, compared to a net income of $4.3 million last year. Adjusted EBITDA turned negative at $503,000, down from $7.9 million. Enservco is restructuring its operations amid challenging market conditions due to the pandemic and pricing wars.
FAQ
What is the current stock price of ENSERVCO (ENSV)?
What is the market cap of ENSERVCO (ENSV)?
What services does Enservco Corporation provide?
Where is Enservco Corporation headquartered?
Which areas does Enservco Corporation serve?
What recent acquisitions has Enservco Corporation made?
How did Enservco perform financially in the nine months ending September 30, 2023?
What is Enservco's strategy moving forward?
Why did Enservco exit the North Dakota region?
What impact did the acquisition of Rapid Hot have on Enservco?
What is Enservco's debt situation as of the third quarter of 2023?
How does Enservco ensure the efficient operation of oil and gas wells?
