Stifel analyst Selman Akyol says management of Emerge Energy Services was unable to identify the catalyst behind the rally in shares since June 2. Any rally could be exacerbated by short covering given the high short interest, Akyol tells investors after speaking to management. He still believes Emerge faces near term demand issues and its pick up in volumes will be gradual. The analyst adds, however, that the "worst is likely past" and the company's 2017 could be "much better" should its new product gains traction. Akyol keeps a Hold rating on Emerge Energy.