Nuverra Environmental Solutions Inc (NYSE:NES) announced that it received written notice on November 25, 2015 from the New York Stock Exchange (“NYSE”) that the Company had fallen below theNYSE’s continued listing standards because the Company’s average market capitalization has been less than $50 million over a consecutive 30 trading-day period and its last reported shareholders’ equity was less than $50 million.
The Company intends to submit a business plan to bring it into compliance within the required 18-month timeframe, in accordance with NYSE procedures. Nuverra has 45 days to submit its plan to the NYSE’s Listing and Compliance Committee for review and final disposition. If the plan is accepted, the Company will have 18 months to regain compliance with the continued listing standards, during which it will be subject to quarterly review for compliance with the plan. If the plan is not accepted, the Company will be subject to the delisting process and suspension from theNYSE.
The NYSE notification does not affect the Company’s business operations or its SEC reporting requirements. The Company’s common stock will continue to trade on the NYSE during the 18-month plan period, subject to the Company’s compliance with other listing standards. (Original Source)
Shares of Nuverra Environmental closed last Wednesday at $0.95, up $0.07 or 7.84%. NES has a 1-year high of $9.84 and a 1-year low of $0.74. The stock’s 50-day moving average is $1.42 and its 200-day moving average is $3.06.
On the ratings front, Nuverra has been the subject of a number of recent research reports. In a report issued on November 18, Cowen analyst Joseph Giordano downgraded NES to Hold, with a price target of $3, which represents a potential upside of 217.2% from where the stock is currently trading. Separately, on November 6, Craig-Hallum’s Eric Stine downgraded the stock to Sell .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Joseph Giordano and Eric Stine have a total average return of 5.4% and 5.8% respectively. Giordano has a success rate of 50.0% and is ranked #2336 out of 3646 analysts, while Stine has a success rate of 40.0% and is ranked #1408.
Nuverra Environmental Solutions Inc formerly, Heckmann Corp provides environmental solutions to customers focused on the development and ongoing production of oil and natural gas from shale formations.