Nuverra Environmental Solutions Inc (NYSE:NES) announced that it received written notice on December 17, 2015 from the New York Stock Exchange (“NYSE”) that the Company had fallen below theNYSE’s continued listing standard, which requires that the average closing price of a listed company’s common stock equal at least $1.00 per share over a consecutive 30-day trading period. In accordance with the NYSE rules, Nuverra will notify the NYSE within 10 business days of its intent to cure the deficiency under continued listing standard 802.01C and return to compliance.
The Company has six months from its receipt of notice to regain compliance with the minimum share price requirement. The Company can regain compliance with the standard at any time during the six-month period when its common stock has a closing share price of at least $1.00and an average closing share price of at least $1.00 over the 30-trading-day period ending on the last trading day of that month or the last trading day of the cure period. If the Company does not regain compliance within the six-month cure period, it will be subject to the delisting process.
NYSE notifications do not affect the Company’s business operations or its SEC reporting requirements. The Company’s common stock will continue to trade on the NYSE subject to the Company’s ability to maintain compliance with other listing standards. (Original Source)
Shares of Nuverra Environmental closed yesterday at $0.581, down $0.05 or -7.78%. NES has a 1-year high of $7.63 and a 1-year low of $0.55. The stock’s 50-day moving average is $1.02 and its 200-day moving average is $2.58.
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 implies an upside of 416.4% from current levels. 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 -3.0% and 6.5% respectively. Giordano has a success rate of 25.0% and is ranked #2505 out of 3643 analysts, while Stine has a success rate of 43.8% and is ranked #1189.
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.