The bears are up for Nuverra Environmental Solutions Inc (NYSE:NES) as the company’s shares plunged near to 52-week low level at $1.94. The stock shed 9.35% yesterday alone while it lost over 83% in value over the last year. The company is an environmental services provider to the oil and gas based companies and thus, has been in red ever since the crude prices started moving southward.
Recently, Nuverra Environmental Solutions Inc (NYSE:NES) announced the appointment of Greg Heinlein to the position of Executive Vice President and Chief Financial Officer. Heinlein will directly report to the company’s Chairman and CEO Mark Johnsrud. Heinlein was welcomed on the board, where his deep operational expertise and an accomplished track record as a CFO was given due emphasis.
Before joining Nuverra, Heinlein served ION Geophysical in the capacity of Senior Vice President and Chief Financial Officer. ION Geophysical provides technology-based solutions to the oil and gas industry. Other than this, Heinlein has served Genprex, Inc., Freescale Semiconductor and Fisher Scientific International Inc under various capacities.
The current headwinds in the oil sector prompted ROTH Capital to downgrade the rating on Nuverra Environmental Solutions Inc (NYSE:NES). The research firm has revised the rating on the company to Neutral from Buy.
It is reported that Imperial Capital too revised the price target of the company downward. Analyst Scott Levine said that they have kept the price target at $2.50, down from previous $10 while maintaining in-line rating. The research firm noted that though Nuverra is well positioned to gain from the increase in E&P spend, but it remains vulnerable to external factors. Levine said that the company’s valuations are reasonable based on the current debt levels. The price target assigned by the research firm denoted 29% upside in the share price of the company from its current levels.