Nuverra Environmental Solutions Inc (NYSE:NES) hits new lows
In Monday’s trading session, Nuverra Environmental Solutions Inc (NYSE:NES) stock dipped 11.76%. The opening price of the shares was $2.23 which touched an intraday high of $2.44 and closed at $2.40. More than 17.70 million shares exchanged hands in Monday’s trading session and the average volume of shares traded over 30 days was 2.19 million. The company has a market cap of $623.86 million.
NES shares dipped after Seeking Alpha posted an article stating that it was bearish on the NES stock. There was a time when this was just a finance blog that people posted articles on but now its stature has increased to such an extent that there are times when the opinions that it posts can make or break a situation. The article was initially published on the Seeking Alpha Pro platform post which was released to the public.
It stated that there were numerous reasons why the company will continue its journey southward. MBAValueinvestor said that the company had not been able to generate any profits. The article also mentioned that though it claims to be an environmental-service company, NES is only an oilfield service company and that its founder is moving away from it.
Another statement that was made was that the company was overvalued. Though there is no distinct proof about whether there is a direct connection between the article and the dive that the company shares took on Monday, the fact remains that there have been no other evident factors for the drop.
NES was previously Heckmann Corporation. The company provides various environmental solutions that aid in protecting, enhancing and advancing environmental sustainability. It also provides full cycle environmental-solutions to a vast national consumer-base that is made up of 2 distinct markets- Industrial Solutions and Shale Solutions.