Fir Tree Inc.
recently revealed that they own a 67.3% stake in Eco-Stim Energy Solutions, Inc. (NASDAQ:ESES) in a Schedule 13D/A disclosure that was filed with the Securities and Exchange Commission (SEC) on Friday, August 4th. The investor owns 50,025,278 shares of the stock valued at about $74,037,411. The filing is available through EDGAR at this link.
Fir Tree Inc.
provided the following explanation of their ownership:
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Separately, Arosa Capital Management LP bought a new stake in shares of Eco-Stim Energy Solutions during the first quarter worth about $293,000. Institutional investors and hedge funds own 14.15% of the company’s stock.
Shares of Eco-Stim Energy Solutions, Inc. (NASDAQ:ESES) traded up 7.25% during trading on Monday, hitting $1.48. The stock had a trading volume of 57,635 shares. The firm has a 50 day moving average of $1.38 and a 200 day moving average of $1.24. Eco-Stim Energy Solutions, Inc. has a 1-year low of $0.66 and a 1-year high of $2.61. The company’s market capitalization is $29.51 million.
Eco-Stim Energy Solutions (NASDAQ:ESES) last issued its earnings results on Thursday, August 10th. The oil and gas company reported ($0.21) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.22) by $0.01. The company had revenue of $8.53 million during the quarter, compared to the consensus estimate of $8.88 million. Eco-Stim Energy Solutions had a negative return on equity of 103.73% and a negative net margin of 134.72%. Analysts expect that Eco-Stim Energy Solutions, Inc. will post ($0.43) EPS for the current fiscal year.
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A number of equities analysts have commented on ESES shares. Zacks Investment Research raised shares of Eco-Stim Energy Solutions from a “sell” rating to a “hold” rating in a report on Monday, May 22nd. Seaport Global Securities reissued a “neutral” rating on shares of Eco-Stim Energy Solutions in a report on Thursday, July 20th. Credit Suisse Group reduced their price target on shares of Eco-Stim Energy Solutions from $4.00 to $2.50 and set an “outperform” rating for the company in a report on Monday. Finally, FBR & Co reissued an “outperform” rating and set a $2.20 price target (up previously from $1.85) on shares of Eco-Stim Energy Solutions in a report on Monday, June 5th.
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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