Energy Services of America (NASDAQ:ESOA) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Energy Services of America (NASDAQ:ESOA) released its quarterly earnings results on Monday. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01, FiscalAI reports. The business had revenue of $130.01 million during the quarter, compared to analyst estimates of $112.65 million.

Energy Services of America Trading Down 1.2%

Shares of ESOA traded down $0.19 during midday trading on Monday, hitting $15.46. The company’s stock had a trading volume of 79,414 shares, compared to its average volume of 177,200. Energy Services of America has a one year low of $7.84 and a one year high of $19.94. The company’s fifty day simple moving average is $16.42 and its two-hundred day simple moving average is $14.90.

Energy Services of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Tuesday, June 30th. This is a positive change from Energy Services of America’s previous quarterly dividend of $0.03. Energy Services of America’s dividend payout ratio is 87.43%.

Analysts Set New Price Targets

A number of research firms have commented on ESOA. Lake Street Capital restated a “buy” rating and set a $25.00 price objective on shares of Energy Services of America in a research note on Tuesday, May 12th. Weiss Ratings downgraded Energy Services of America from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Energy Services of America has a consensus rating of “Moderate Buy” and an average price target of $25.00.

Insider Activity

In other news, Director Mark Prince sold 33,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $17.80, for a total value of $587,400.00. Following the sale, the director directly owned 67,071 shares in the company, valued at approximately $1,193,863.80. This trade represents a 32.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Douglas V. Reynolds acquired 6,000 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were bought at an average price of $16.26 per share, with a total value of $97,560.00. Following the completion of the transaction, the president owned 1,487,270 shares in the company, valued at $24,183,010.20. This represents a 0.41% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have sold 233,000 shares of company stock worth $3,813,537. Corporate insiders own 44.68% of the company’s stock.

Institutional Investors Weigh In On Energy Services of America

Several hedge funds have recently modified their holdings of ESOA. Millennium Management LLC boosted its stake in shares of Energy Services of America by 90.4% during the third quarter. Millennium Management LLC now owns 382,589 shares of the company’s stock valued at $3,960,000 after purchasing an additional 181,631 shares in the last quarter. Geode Capital Management LLC raised its holdings in Energy Services of America by 111.3% in the 2nd quarter. Geode Capital Management LLC now owns 267,626 shares of the company’s stock valued at $2,661,000 after buying an additional 140,986 shares during the last quarter. Balyasny Asset Management L.P. boosted its position in Energy Services of America by 51.6% during the 2nd quarter. Balyasny Asset Management L.P. now owns 373,165 shares of the company’s stock worth $3,709,000 after buying an additional 127,016 shares during the period. Dimensional Fund Advisors LP grew its holdings in Energy Services of America by 11.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 363,355 shares of the company’s stock worth $2,968,000 after acquiring an additional 38,575 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Energy Services of America by 24.0% during the fourth quarter. State Street Corp now owns 198,966 shares of the company’s stock valued at $1,631,000 after acquiring an additional 38,557 shares during the last quarter. Institutional investors and hedge funds own 2.13% of the company’s stock.

About Energy Services of America

Energy Services of America, Inc (NASDAQ: ESOA) is a provider of natural gas compression equipment and services to energy producers, pipeline operators, and landowners across North America. The company designs, manufactures, and distributes compression systems tailored to meet the needs of natural gas gathering, processing and transmission applications. Its offerings include the sale, lease, and repair of both new and reconditioned compression units, as well as aftermarket parts and field services that support ongoing system performance and reliability.

In addition to core compression services, Energy Services of America delivers turnkey solutions for pipeline operators and gas processors.