|Over a month ago|
U.S. Well Services downgraded to Neutral from Overweight at Piper Sandler » 05:5605/1505/15/20
Piper Sandler analyst Ian…
Piper Sandler analyst Ian Macpherson downgraded U.S. Well Services to Neutral from Overweight with a price target of 30c, down from $4, after taking over coverage of the name. The equity value represents "recovery optionality" in the event of a cyclical rebound for pressure pumping and the runway afforded by the company's recent capital raise and corresponding two-year principal and interest payment holiday, Macpherson tells investors in a research note.
U.S. Well Services downgraded to Neutral from Overweight at Piper Sandler » 20:5305/1405/14/20
Piper Sandler analyst…
Piper Sandler analyst John Daniel downgraded U.S. Well Services to Neutral from Overweight.
U.S. Well Services says 'duration of market turmoil remains uncertain' » 06:4905/1105/11/20
The rapid slowdown in…
The rapid slowdown in global economic activity in reaction to the COVID-19 pandemic has created both an unprecedented collapse in demand for crude oil and a deteriorating imbalance between global inventories and demand. In response, U.S. E&P companies have not only significantly reduced completions activity, but have also taken steps to shut in existing production. Although U.S. Well Services expects that demand and activity will recover from current levels, the duration of the current market turmoil remains uncertain.
U.S. Well Services reports Q1 EPS ($3.00) vs. (45c) last year » 06:4805/1105/11/20
Reports Q1 revenue $112M,…
Reports Q1 revenue $112M, consensus $146.1M. "U.S. Well Services posted solid financial and operational performance in spite of the significant slowdown in activity that began in March due to onset of the COVID-19 pandemic," said Joel Broussard, President and CEO of U.S. Well Services. "I am pleased with the actions our team has taken to safeguard the wellbeing of our employees and help the Company weather the recent market turmoil, and I believe U.S. Well Services remains positioned to be an industry leader as market activity recovers. Our ability to execute new contracts for electric hydraulic fracturing services in the midst of global economic turmoil is a testament to U.S. Well Services' differentiated hydraulic fracturing technology and demonstrated track record for operational excellence. We are continuing to work to deploy fleets at economical pricing while rationalizing costs."
U.S. Well Services to provide electric fracturing services to EQT Corporation » 16:2104/0804/08/20
U.S. Well Services (USWS)…
U.S. Well Services (USWS) announced it has executed a long-term contract to provide electric hydraulic fracturing services for EQT Corporation (EQT) using its next-generation Clean Fleet technology. Pursuant to the terms of the agreement, U.S. Well Services will provide a dedicated electric hydraulic fracturing fleet to support EQT's completions activity for three years if all optional extensions are exercised.
|Over a quarter ago|
U.S. Well Services spikes over 40% after credit pact with CLMG » 12:0004/0204/02/20
U.S. Well Services…
U.S. Well Services announced last night that it had entered into an amended term loan credit agreement with CLMG that provides for a suspension of scheduled principal and interest payments for 24 months. Under the terms of the Amended Term Loan Facility, U.S. Well Services' next scheduled principal and interest payment to the Lenders will be due June 30, 2022. Concurrently, U.S. Well Services sold $21 Million of newly issued Series B Redeemable Convertible Preferred Stock through a private placement with institutional investors , using proceeds from the Private Placement to fund the $20 Million cash portion of an extension fee payable to the Lenders. "This series of transactions significantly strengthens U.S. Well Services' liquidity profile and balance sheet in a challenging market environment," said Kyle O'Neill, Chief Financial Officer. "We believe that this enhancement to the Company's capital structure, in combination with our recent cost reduction measures, positions U.S. Well Services to continue delivering on behalf of its customers and create value for shareholders." Shares are off earlier highs, up 43% to 37c a share in late morning trading.
U.S. Well Services announces workforce reduction, cost-cutting steps » 06:0103/2003/20/20
U.S. Well Services…
U.S. Well Services announces immediate actions in response to the recent sharp decline in oil prices and challenging industry outlook that is driving extraordinary reductions in customer activity. The company is taking a number of corporate and operating cost-cutting measures to better align its expenses with client activity levels. The company's cost control plans include: 1) a reduction in workforce driven by fewer fleets in operation, 2) reductions in labor, materials and field overhead spend that will help rationalize the company's cost structure, and 3) a 20% reduction in annual base salary for our CEO, CFO and CAO.
U.S. Well Services downgraded to Hold from Buy at Stifel » 05:0603/1003/10/20
Stifel analyst Stephen…
Stifel analyst Stephen Gengaro downgraded U.S. Well Services to Hold from Buy with a price target of $1, down from $3. The analyst cites the "oil price war" initiated over the weekend for the downgrade.
U.S. Well Services reports Q4 EPS (74c), consensus (49c) » 16:2503/0303/03/20
Reports Q4 revenue…
Reports Q4 revenue $92.68M, two estimates $106M. "2019 was a momentous year for U.S. Well Services, as we deployed three new electric fleets and completed a strategic transition of our customer base, and despite the challenging market backdrop, U.S. Well Services produced solid financial results," said Joel Broussard, president and CEO of U.S. Well Services. "USWS continued to demonstrate our operating efficiencies and value added relationships with customers, as well as our position as a market leader in next generation fracturing technologies with our new electric fleet deployments.
U.S. Well Services, Range Resources sign electric frac contract » 06:3801/2901/29/20
U.S. Well Services (USWS)…
U.S. Well Services (USWS) announced it has executed a contract to provide electric hydraulic fracturing services for Range Resources (RRC) using its next-generation Clean Fleet technology, which runs on electric power generated by natural gas turbine generators on the wellsite. Under the terms of the agreement, U.S. Well Services will support Range Resources in the development of its Appalachian asset base on a dedicated basis into 2021.