Guy Sirkes, Executive Vice President and Chief Financial Officer of Nine Energy Service, Inc. (NYSE:NINE), recently sold 35,380 shares of the company's common stock. The shares were sold at an average price of $1.672, with the total transaction amounting to $59,155. According to InvestingPro data, the company's stock has shown significant volatility, with strong returns over both the last month and three months, despite not being profitable over the last twelve months. Following this sale, Sirkes retains ownership of 156,966 shares in the company. The sale was executed on December 3, 2024, as disclosed in a regulatory filing with the Securities and Exchange Commission. While the company's liquid assets exceed short-term obligations, InvestingPro subscribers have access to 8 additional key insights and a comprehensive Pro Research Report that provides deeper analysis of Nine Energy's financial health and market position.
In other recent news, Nine Energy Service (NINE) has exceeded its Q3 2024 revenue expectations, reporting a revenue of $138.2 million, a noteworthy 47% increase in adjusted EBITDA from the previous quarter. The company's cementing business and coiled tubing revenue also saw growth, with the former experiencing a 12% revenue increase and a 23% market share gain. However, Nine Energy anticipates a decrease in revenue for Q4 2024 due to seasonal factors and budget exhaustion, while continuing its focus on cost reduction and market share gains.
CEO Ann Fox expressed optimism for 2025, suggesting potential increases in activity if natural gas prices rise above $3. Despite a diluted EPS of negative $0.26, the company's strategic focus on market share and effective pricing has led to significant gains, particularly in the cementing sector. The company is also pursuing international expansion, particularly in the Middle East, despite current lower numbers.
These are recent developments that highlight Nine Energy Service's resilience in a challenging market, with strategic initiatives yielding positive results. As the company navigates through the seasonal headwinds of the fourth quarter, it remains committed to improving profitability and capitalizing on market opportunities.
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