Wall Street Zen Downgrades Nine Energy Service (NYSE:NINE) to Sell

Nine Energy Service (NYSE:NINE) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Nine Energy Service in a research report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of “Sell”.

Nine Energy Service Stock Down 0.6%

Shares of NINE stock opened at $0.50 on Friday. Nine Energy Service has a 12-month low of $0.44 and a 12-month high of $1.87. The firm has a fifty day moving average of $0.64 and a 200-day moving average of $0.69. The company has a market capitalization of $21.55 million, a price-to-earnings ratio of -0.55 and a beta of 2.83.

Hedge Funds Weigh In On Nine Energy Service

A number of large investors have recently modified their holdings of the business. Truist Financial Corp acquired a new stake in shares of Nine Energy Service in the second quarter valued at about $73,000. GSA Capital Partners LLP grew its stake in Nine Energy Service by 17.2% in the first quarter. GSA Capital Partners LLP now owns 988,106 shares of the company’s stock valued at $1,117,000 after purchasing an additional 145,258 shares in the last quarter. Finally, Aristeia Capital L.L.C. bought a new position in Nine Energy Service in the first quarter valued at approximately $428,000. 57.61% of the stock is currently owned by institutional investors and hedge funds.

Nine Energy Service Company Profile

Nine Energy Service, Inc operates as an onshore completion services provider that targets unconventional oil and gas resource development in North American basins and internationally. It offers cementing services, including blending high-grade cement and water with various solid and liquid additives to create a cement slurry that is pumped between the casing and the wellbore of the well.