Eco-Stim Energy Solutions Inc (NASDAQ:ESES)‘s stock had its “buy” rating reissued by FBR & Co in a research note issued to investors on Monday. They presently have a $1.85 target price on the stock. FBR & Co’s price target would suggest a potential upside of 59.48% from the company’s previous close.
The analysts wrote, “We are updating our model for ESES’s two recent transformative actions: (1) a two-step recapitalization, introducing Fir Tree Partners (FTP) as a major investor; and (2) an entry into the U.S. frac market, starting with the Mississippi Lime. FTP has purchased ESES’s $24.4M of convertible notes and 2M shares held by Albright Capital Management; accepted another $17.0M in converts; and agreed to convert the full $41.4M in notes to equity at $1.40/share, pending a shareholder vote. With its revised strategy, ESES has bolstered 2017–2018 earnings power, promisingly diversified cyclically and secularly, and positioned its Argentine operation to keep pace with, rather than await, demand. Assuming conversion, our EPS/EBITDA are cut for 2017 from ($0.05)/$9.3M to ($0.29)/$0.507M, introduced for 2018 at $0.10/ $10.0M, and our price target falls from $6.00 to $1.85.””
Separately, Zacks Investment Research upgraded shares of Eco-Stim Energy Solutions from a “sell” rating to a “hold” rating in a research report on Monday, March 13th.
Shares of Eco-Stim Energy Solutions (NASDAQ:ESES) traded up 2.59% during mid-day trading on Monday, reaching $1.19. 127,204 shares of the company were exchanged. The company’s 50 day moving average price is $1.18 and its 200 day moving average price is $1.61. Eco-Stim Energy Solutions has a 12 month low of $0.66 and a 12 month high of $3.38. The firm’s market capitalization is $16.24 million.
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A hedge fund recently bought a new stake in Eco-Stim Energy Solutions stock. Old West Investment Management LLC purchased a new position in Eco-Stim Energy Solutions Inc (NASDAQ:ESES) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 200,000 shares of the company’s stock, valued at approximately $192,000. Old West Investment Management LLC owned 1.39% of Eco-Stim Energy Solutions as of its most recent filing with the SEC. Hedge funds and other institutional investors own 51.51% of the company’s stock.
About Eco-Stim Energy Solutions
Eco-Stim Energy Solutions, Inc is an oilfield services company. The Company provides well stimulation, coiled tubing and field management services to the upstream oil and gas industry. The Company focuses on the active shale and unconventional oil and natural gas basins outside the United States and it has commenced operations in Argentina.
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