Nine Energy Service Inc (NINE)

Nine Energy Service Stock (NINE) dropped by 25.95% from $3.43 to $2.54 in the trading on Tuesday November 7, 2023. The reasons why NINE stock down today include

• Third-quarter financial results: NINE reported revenues of $140.6 million, a net loss of $13.3 million, and adjusted EBITDA of $11.6 million. Despite experiencing activity declines and operational inefficiencies related to weather and frac delays in August, the company's revenue fell within its original guidance.
• Decline in rig count: NINE saw a decline in activity throughout Q3, with the U.S. rig count declining by over 150 rigs, or approximately 20%, since the end of 2022.