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Enservco Corporation (ENSV) Stock Surged 19.60% Pre-Market, Here’s Why

Enservco Corporation (ENSV) stock soared 19.60% in the pre-market trading session at the price of $2.99 despite no fundamental development. The last published news was its earnings report for the Q3 of 2021.

Enservco, with its operating subsidiaries, delivers a range of oilfield services, including acidizing, frac water heating, hot oiling, and other services. The company has wide geographic footmarks covering top domestic gas and oil basins. It serves clients around Colorado, Oklahoma, New Mexico, Montana, North Dakota, Ohio, Pennsylvania, Texas, and West Virginia.

ENSV Q3 2021 Financial Results

On 15th November 2021, ENSV announced its financial results for Q3, and the nine months ended on 30th September 2021. The company has also presented its business updates. The revenue totaled US$3.0M for the Q3 of 2021. It represents a surge of 72% from US$1.8M in the same quarter of 2020.

For the Q3 of 2021, net loss was US$0.2M, or per share of $0.02. The company has a net income of US$8.4M, or per share of $2.15, for the Q3 of 2020. Total operating expenses during the quarter raised 22% to US$5.9M. Operating costs were US$4.8M for the Q3 of 2020. Adjusted EBITDA increased 10% to a loss of US$1.5M during the third quarter. Adjusted EBITDA was a loss of US$1.7M in the Q3 of the previous year.

Nine-Month Financial Highlights

For the nine months ended on 30th September 2021, revenue totaled US$11.3M. It represents a drop of 15% from $13.3M in the same period of 2020. Operating costs were US$19.4M during the nine months of 2021, a 14% drop from US$22.5M in the last year.

ENSV has a net loss of US$4.0M, or per share of $0.37, for the first nine months of 2021. Net income was US$1.2M, or per share of $0.32, for the same months of 2020. During the first nine months of 2021, the company utilized cash of roughly US$3.9M from the operations.

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