Stephen Charles Taylor, a director at Natural Gas Services Group Inc . (NYSE:NGS), recently sold 10,000 shares of the company's common stock. The shares were sold at a weighted average price of $27.15, totaling $271,500. The sale price represents a significant premium to the company's trading levels from early 2023, as NGS shares have surged over 100% in the past year. According to InvestingPro data, analysts maintain a bullish stance with price targets ranging from $30 to $45. Following this transaction, Taylor holds 457,787 shares directly. Additionally, Taylor has indirect ownership of 133,701 shares through a Rabbi Trust. The transaction was reported in an SEC Form 4 filing, which provides details on insider trades and holdings. With a market capitalization of $318 million, NGS maintains a solid financial health score of GOOD on InvestingPro, which offers comprehensive analysis and 8 additional key insights about the company's performance and outlook.
In other recent news, Natural Gas Services Group Inc. showcased a robust financial performance in its Q3 2024 earnings call. The company reported a significant 35% year-over-year increase in rental revenue, reaching $37.4 million, and a 54% surge in adjusted EBITDA to $18.2 million. Total (EPA:TTEF) revenue hit $40.7 million, with a rental gross margin percentage of 61.3%.
In light of these results, Natural Gas Services Group revised its 2024 adjusted EBITDA guidance upward, now expecting a range of $67 million to $69 million, indicating a projected 48% growth over the previous fiscal year. The company also plans to expand its large horsepower rental fleet by 100,000 horsepower over the next five quarters.
Despite challenges in the natural gas market, Natural Gas Services Group is focusing on contracts with blue-chip customers to expand its fleet. Furthermore, the company is leveraging data to enhance business operations and has seen a positive upward bias in pricing. These are recent developments that position the company for continued success and shareholder value creation.
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