On December 19, 2023, Douglas Reynolds, President of Energy Services of America (NASDAQ: ESOA), purchased 4,000 shares of the company’s stock for an average price of $8.07 per share. This transaction, valued at $32,280.00, increases his ownership in the company to a total of 1,474,961 shares, reflecting a value of approximately $11,902,935.27. The acquisition represents a 0.27% increase in his holdings, as disclosed in a filing with the Securities and Exchange Commission.
Current Market Performance
Following the purchase, ESOA stock showed a slight uptick of 1.0%, trading at $8.01 during mid-day trading on December 23, 2023. A total of 38,396 shares exchanged hands, significantly lower than the average volume of 215,210 shares. Over the past year, Energy Services of America has experienced volatility, with a low of $7.64 and a high of $15.23. The company’s 50-day and 200-day simple moving averages stand at $9.65 and $9.99, respectively.
In its most recent quarterly earnings report released on December 10, 2023, Energy Services of America reported earnings of $0.25 per share, which fell short of analysts’ expectations of $0.38 by $0.13. The company generated revenue of $130.07 million, surpassing the anticipated $109.20 million.
Analyst Opinions and Market Outlook
Recent analyst reports reflect a cautious sentiment towards ESOA shares. On December 14, 2023, Wall Street Zen downgraded the stock from a “buy” rating to a “hold” rating. Additionally, Weiss Ratings maintained a “hold (c)” rating in an analysis released on October 8, 2023. Currently, one analyst has assigned a “buy” rating while another has opted for a “hold,” leading to a consensus rating of “Moderate Buy” according to MarketBeat.com. The average target price for the stock is set at $21.00.
Institutional investment in Energy Services of America remains modest, with 2.13% of the stock held by institutional investors. Notable changes include Larson Financial Group LLC increasing its position by 117.1% in the third quarter, acquiring 2,436 shares worth approximately $25,000. Other hedge funds, including BNP Paribas Financial Markets, have also made significant adjustments to their holdings.
Energy Services of America, based in the United States, specializes in providing natural gas compression equipment and services across North America. The company designs, manufactures, and distributes compression systems for natural gas applications, supporting energy producers and pipeline operators. Through various offerings, including the sale, lease, and repair of compression units, Energy Services of America aims to deliver reliable solutions tailored to industry needs.
