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ENSERVCO Corp.

TICKER: ENSV:NYSE.MKT

ENSERVCO Corp. provides well enhancement and fluid logistics services to exploration and production companies operating in the U.S. onshore oil and gas industry. Strong customer demand and a reputation for safe and reliable operations have fueled ENSERVCO's rapid geographic expansion and positioned the company as one of the energy industry's leading hot oiling, well acidizing and frack water heating providers. Through its two subsidiaries, Heat Waves Hot Oil Service LLC and Dillco Fluid Service Inc., ENSERVCO serves many of the largest E&Ps operating in the United States. Headquartered in Denver, ENSERVCO works in both conventional and unconventional oil and gas fields.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

The Energy Report Interview with Rudolf Hokanson (11/25/14) "One of my favorite small-cap service companies is ENSERVCO Corp. Its forte is heating up oil to improve flow. The company works with hot oil trucks, frack water heating units and acidizing. These technologies are not particularly new or complex, but ENSERVCO is very good at what it does and it performs to customers' timetables. I have listed ENSERVCO as a Speculative Buy, because a lot of small service companies have to fight hard to make their way in a competitive arena. But ENSERVCO's trucks are servicing a lot of basins, and the company is building itself a good reputation, well by well. I have put a $4/share price target on it." More >

Rudolf Hokanson, Barrington Research (11/13/14) "We reiterate our Outperform investment rating and $4/share price target by December 2015 for ENSERVCO Corp. . .the company has been adding capacity and expanding geographically. . .the company is bringing new equipment and personnel online and deploying them into areas where demand is highest. It is increasing market share and capturing business with new customers and expanding relationships and service mix with existing customers."

Rudolf Hokanson, Barrington Research (11/13/14) "We reiterate our Outperform rating and $4/share price target for ENSERVCO Corp. . .the company has been adding capacity and expanding geographically, and is in the midst of a two‐stage $16M capex program. . .revenue in Q3/14 was a record, up 20% over the $4.8M in the same period last year. . .the firm recently announced the acquisition of an asset package in the Northern Bakken shale region. . .management stated that with their strong balance sheet and banking relationship, and solid operating cash flows, the company expects to remain active in the M&A arena."

Philip Juskowicz, Casimir Capital (11/11/14) "We reiterate our Buy rating on ENSERVCO Corp. . . the company has been growing its well maintenance businesses, primarily consisting of hot oiling and well acidizing. These services are utilized throughout a well's life and are therefore relatively protected even in weaker pricing environments."

Bhakti Pavani, Euro Pacific Canada (11/5/14) "ENSERVCO Corp. acquired a package of oilfield service assets, including 12 hot oil trucks, a frack water heating unit, miscellaneous equipment, tools and supplies for ~$3M and a six-acre operating yard with a maintenance shop and office facility located near Tioga, N. Dak., for ~$0.7M, paying a total acquisition price of $3.7M. . .we believe the company scored an attractive deal for the assets."

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Philip Juskowicz, Casimir Capital (11/4/14) "We are upgrading our rating on ENSERVCO Corp. to Buy from Hold following news this morning that the company was making a modest acquisition in the Bakken. . .the latest acquisition, which services Bakken business that is not within economic reach of ENSERVCO's Kildeer facility in the southern part of the play, may result in cross-selling opportunities. This would be incremental to the $6M of annual revenue potential that the acquisition is anticipated to add."

Rudolf Hokanson, Barrington Research (10/15/14) "We recommend ENSERVCO Corp. with an Outperform investment rating and $4/share price target for December 2015. On October 14, the company filed a Form 8-K patent complaint. . .we realize there is likely to be additional expense related to legal fees (we do not have an estimate), but we do not expect them to materially change our earnings per share estimates at this time. We also believe they would be one-time expenses if it were necessary to break them out."

Jeff Grampp, Northland Capital Partners (9/8/14) "We are initiating coverage on ENSERVCO Corp. with an Outperform rating and $4 price target. . .the company has been growing rapidly by leveraging its exploration and production relationships, and we expect continued strong growth as it focuses on expanding higher margin segments. We believe this focus should lead to higher trading multiples that would drive share appreciation."

The Energy Report Interview with Brandon Dobell (9/4/14) "Two oil field services companies that stick out for me are ENSERVCO Corp. , which we recently initiated coverage on, and C&J Energy Services Inc. . .they are primarily U.S.-focused services providers. Both companies have good reputations. I like their strategic positioning. . .they are companies that have, for a variety of reasons, fallen between the cracks for investors. When you find a stock that hasn't been dug into by the institutions or other analysts, and if that company can execute on its strategy, that's an opportunity for outsized returns on investment. . .

We had been talking with Enservco for a while. . .we've taken extra time to understand how the company fits into our broader thesis, including getting a better understanding of the services offered, how the management team communicates with the investment community, and whether the company can do what it says it's going to do. . .we recognized that Enservco had gotten its capex plan squared away and was starting to deliver equipment. It makes our job easier if a company has some visibility on how its business is going to play out. It's easier to model it financially, as well as tell the story with investors. . ." More >

Rudolf Hokanson, Barrington Research (8/25/14) "We are initiating coverage on ENSERVCO Corp. with an Outperform investment rating and a price target of $4/share. . .the company has meaningful growth in front of it for the next several years given its market position and the general nature of its competition being smaller, less well-financed companies."

Rob Goldman, The Stock Junction (7/22/14) "ENSERVCO Corp. stock is up 40% and hit a new high yesterday since the low achieved after it provided an operational update that indicated the Q2/14 results would not be as strong as those recorded in Q2/13. However, ever since a new Buy recommendation was released by William Blair & Co. shortly thereafter, the stock has been on a tear. . .the company noted that it has added an additional $7M to this year's capital expenditures budget to take advantage of future potential revenue via new service agreements. . .plus, ENSERVCO has agreements in place to initiate acidizing and hot oiling programs with a number of its customers."

David Kratochvil, Euro Pacific Canada (7/15/14) "ENSERVCO Corp. has been engaged with several customers in well-acidizing and hot-oiling programs in the Rocky Mountain and Texas regions. . .we believe these new customer engagements should contribute decent revenues to the top line in the coming quarters. . .we reiterate our Buy rating."

Philip Juskowicz, Casimir Capital (7/11/14) "ENSERVCO Corp.'s top five customers accounted for 44% of 2013 revenue, but we believe that this risk will mitigate as the company continues expanding into new territories. . .we believe that ENSERVCO will successfully debt-finance its increased capex program, as leverage remains at manageable level."

Philip Juskowicz, Casimir Capital (6/20/14) "Catalysts for an upgrade to ENSERVCO Corp. include an increase in EBITDA estimates, which we believe may occur given the generally strong results and activity reported by the company's customers, especially in the Marcellus, Utica and D-J basins. . .EBITDA may also benefit via an accretive acquisition. At March 31, ENSERVCO had some $5M of liquidity, according to our calculations."

The Energy Report Interview with Phil Juskowicz (5/15/14) "We recently initiated coverage of ENSERVCO Corp., which is an oilfield service company that's benefiting from the shale boom, though its services extend to other areas as well. . .we think that's a company that has limited analyst coverage, undiscovered by the Street. Management, in our opinion, has done an excellent job of managing businesses in general and, most recently, applying that to ENSERVCO , an oilfield service company. ENSERVCO is the only national provider of frack heating, hot oiling and acidizing services to the oil industry. It has existing footholds in some of the largest-producing basins in the country and is leveraging some of those to launch into new areas, most recently going from the Marcellus into signing agreements with Utica producers as well. The Marcellus and the Utica largely overlie each other, and that abates the need to establish new yards. . .

"While half of what the company does is in fact tied to new wells, the other half is servicing wells throughout the well life, for example stimulating older wells to produce again with acidizing and reducing paraffin buildup with hot oiling. Therefore, ENSERVCO isn't as cyclical as a typical oilfield service company may be, as it provides its services throughout the well's life. In addition to the agreements it has made to service companies that are targeting the Utica formation, the company recently announced that it is going to be entering Texas. . .most of the companies that ENSERVCO services are national E&P companies with operations in Texas as well, companies like Anadarko Petroleum and Noble Energy. It has expanded its asset base over the past couple of months and has set itself up for additional revenue to come in. It is spending within its cash flow at this time. Management has demonstrated, in my opinion, prudent investment management principles." More >

Philip Juskowicz, Casimir Capital (5/2/14) "We see the recent weakness in shares of ENSERVCO Corp. as a compelling entry point for new investors, and reiterate our Buy rating. . .the company's customers remain extremely active in ENSERVCO's service territories, which include the Marcellus, DJ and Bakken Shales. . .management, in our opinion, has a demonstrated track record of success and are transparent and communicative with investors."

Philip Juskowicz, Casimir Capital (3/20/14) "ENSERVCO Corp. formally reported Q4/13 results following prereleases both earlier this month and in January. . .the company has plans to decrease seasonality. . .and expand its service territory. . .weakness in the shares this morning likely reflects a lack of liquidity amid a general sector selloff, and represents an attractive entry point; we reiterate our Buy rating on the shares."

Philip Juskowicz, Casimir Capital (2/27/14) "We are initiating coverage on ENSERVCO Corp.; cold weather plus increased E&P activity equals a recipe for success. . .as the only national provider of frack heating, hot oiling and acidizing services to the oil industry and an established foothold in most of the fastest growing production basins in the U.S., we believe that the company's revenues and EBITDA will continue expanding."

The Energy Report Interview with Phil Juskowicz (8/29/13) "ENSERVCO Corp. is on our watch list. The company is the only nationwide provider of hot oiling, well acidizing and frack heating services generally used to coax oil out of the ground, for example to counter paraffin buildups. Enservco experienced healthy margins in Q2/13 despite it typically being a seasonally weak time for heating services. The company continues having to turn customers away in some areas while it builds out its fleet. Management, in our opinion, has a track record of building successful companies and its regional staff has strong relationships with E&Ps. The company is also expanding into other basins and successfully tapping into new revenue sources."

Thomas Rice, The Bowser Report (5/15/13) "ENSERVCO Corp. has been increasing revenues considerably. Most recently, the company reported a 95% increase in first quarter revenues year over year. . .ENSERVO also reported its second straight quarter of profitability. This time it was a $3,934,031 gain—a 1,316% increase year over year."

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