Why is Nine Energy Service Inc (NINE) Stock down?

We've noticed a 5.65% decline in Nine Energy Service Inc (NINE) stock during the 2024-05-22 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
07 Nov, 2023:

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.
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