|Over a month ago|
Enservco CEO Ian Dickinson departs » 08:2606/0206/02/20
Enservco Corporation announced that President and CEO Ian Dickinson has resigned from the Company effective May 29, 2020. Richard Murphy has been appointed as Executive Chairman of the Company and will serve as a principal executive officer of the Company for the foreseeable future. Mr. Murphy was appointed to the Board of Directors in January of 2016.
Enservco price target raised to 35c from 30c at Ascendiant » 07:0305/1805/18/20
Ascendiant analyst Edward…
Ascendiant analyst Edward Woo raised the firm's price target on Enservco to 35c from 30c and keeps a Buy rating on the shares following the company's "weak" Q1 results. The analyst believes the current valuation for Enservco has already factored in many of its risks from sustained low oil prices but is undervaluing its overall growth prospects and product portfolio. This results in a "positive high risk/reward scenario," Woo tells investors in a research note.
Enservco reports Q1 EPS (5c), two estimates (3c) » 16:0205/1505/15/20
Reports Q1 revenue $9.4M,…
Reports Q1 revenue $9.4M, two estimates $12.85M. Reports Q1 adj EBITDA ($0.5M) vs. $7.9M last year. "The sharp reduction in customer drilling and completion and activity in the fourth quarter carried into the first quarter and was exacerbated by the Saudi-Russia price war and the worldwide economic slowdown due to the Covid-19 pandemic," said Ian Dickinson, President and CEO. "We continue to take steps to right size our cost structure. Since the first of the year we have taken approximately $2.0 million in annualized costs out of the business. This includes a significant headcount reduction, compensation cuts across the organization, closure of our Oklahoma facility and a temporary scaling back of operations at two other facilities. In addition, we have reduced our 2020 maintenance Capex budget by approximately $600,000 due to lower expected activity levels. These moves were difficult but necessary as we manage through the immediate challenges facing our industry."
Enservco receives extension for cure period from NYSE » 16:0404/2104/21/20
Enservco announced that…
Enservco announced that the NYSE has extended the period during which the company can cure its low stock price beyond the previous May 6 deadline so that the company can seek shareholder approval for a reverse stock split at its June 26, annual meeting. In November 2019 the NYSE notified Enservco that the company's common stock had been selling for a low price per share for a substantial period of time and that continued NYSE American listing was predicated on the company effecting a reverse stock split of its common stock or otherwise demonstrating sustained price improvement no later than May 6.
Wave Life Sciences among public companies given small-business loan, AP reports » 05:5004/2104/21/20
WVE, LIND, QMCO, BWEN, MBII, HSDT, ENSV
At least 75 companies…
At least 75 companies that received Paycheck Protection Program loans, meant for small businesses, were publicly traded, and some had market values well over $100M, Associated Press reports, citing its own investigation. Further, 25% of the companies had warned investors months ago that their ability to remain viable was in question, AP adds. Wave Life Sciences (WVE) received a $7.2M loan, while companies also getting loans included Lindblad Expeditions (LIND), Quantum (QMCO), Broadwind Energy (BWEN), Marrone Bio Innovations (MBII), Helius Medical (HSDT) and Enservco (ENSV), according to the AP. Reference Link
Enservco sees Q1 revenue $9.3M-$9.4M, consensus $12.85M » 16:0404/1604/16/20
Enservco announced it…
Enservco announced it expects 2020 first quarter revenue to be between $9.3 million and $9.4 million versus revenue of $24.8 million in the first quarter last year. These preliminary revenue estimates have been adjusted to reflect the discontinuation of water transfer operations in the fourth quarter of 2019. In addition, net income and adjusted EBITDA for the first quarter are expected to decrease significantly compared to prior-year levels.
|Over a quarter ago|
Enservco downgraded to Neutral from Buy at Alliance Global Partners » 08:5703/2303/23/20
Alliance Global Partners…
Alliance Global Partners analyst Bhakti Pavani downgraded Enservco to Neutral from Buy. Pavani expects Enservco to remain under pressure as E&Ps protect their balance sheets and focus on generating cash flow and while cost cut initiatives should help limit the cash burn, the analyst worries that limited liquidity could impact the company's "highly leveraged operation."
Enservco reports Q4 EPS (6c), consensus (5c) » 16:0403/2003/20/20
Reports Q4 revenue $8.1M,…
Reports Q4 revenue $8.1M, consensus $8.01M.
Enservco announces NYSE approval of plan to regain compliance » 16:5902/1902/19/20
Enservco announced that…
Enservco announced that the NYSE has approved the company's plan to regain compliance with the NYSE's continued listing standard related to stockholders' equity. Accordingly, Enservco's common stock will continue to be listed on the NYSE pursuant to an extension. The company is not in compliance with sections 1003 and of the NYSE's company guide in that it has reported stockholders' equity of less than $2M as of September 30, 2019, and reported losses from continuing operations and/or net losses in its four most recent fiscal years. The company's compliance plan calls for Enservco to achieve a stockholders' equity balance of at least $6M by June 3, 2021. Under terms of the extension, Enservco will be required to demonstrate progress toward its stockholders' equity compliance plan and to provide the NYSE with quarterly updates.
Enservco submits business plan to NYSE American to regain compliance » 09:0201/1001/10/20
Enservco has submitted a…
Enservco has submitted a business plan to the NYSE American exchange that outlines the Company's intention to regain compliance with listing standards. In addition, as previously announced in the Company's third quarter investor update, in October 2019 Enservco incurred $1.2M in over advances above its $29.7M borrowing base availability on its bank line of credit. The over advances related to the Company ramping up to fulfill customer demand for the 2019-20 heating season. On January 6, 2020, the bank provided Enservco with a notice of events of default and reservation of rights pertaining to the Company not having: immediately repaid the over advance; maintained minimum liquidity of $1.5M for the months of October and November 2019; maintained a minimum fixed charge coverage ratio of 1.1 to 1.0 for the months of October and November 2019. The bank has elected not to exercise, but has not waived, its right to immediate payment of this over advance and Enservco continues to work with the bank in seeking to resolve this issue.