In a recent transaction, Theodore R. Moore, Senior Vice President, General Counsel, and Secretary of Nine Energy Service, Inc. (NYSE:NINE), sold shares in the company. The sale, which took place on May 9, 2024, involved 3,912 shares of common stock at a price of $1.974 per share, totaling approximately $7,722.
This transaction was disclosed in a regulatory filing with the Securities and Exchange Commission. According to the filing, the shares sold by Moore were necessary to satisfy tax withholding obligations that arose from the vesting of a time-based restricted stock award granted to him a year prior, on May 9, 2023.
Following the sale, Moore's remaining direct ownership in Nine Energy Service stands at 202,541 shares of common stock. The company, which specializes in oil and gas field services, has its headquarters in Houston, Texas, and operates under the ticker symbol NYSE:NINE.
Investors often monitor insider transactions as they can provide insights into how executives view the company's stock value and financial health. The sale by Moore represents a routine financial move often seen among executives to manage tax liabilities associated with vested restricted stock.
InvestingPro Insights
As investors digest the recent insider transaction involving Theodore R. Moore of Nine Energy Service, Inc. (NYSE:NINE), it's important to consider the broader financial context in which this sale occurred. According to InvestingPro data, Nine Energy Service's market capitalization stands at approximately $66.76 million USD. Despite the company's significant revenue over the last twelve months, totaling $588.24 million USD, there has been a notable revenue decline of 8.07% over the same period.
One of the critical InvestingPro Tips for Nine Energy Service highlights the company's current trading position near its 52-week low, with the price at the previous close being $1.95 USD. This could indicate a potential entry point for investors looking for undervalued stocks, although it's essential to consider the company's profitability challenges. Analysts do not anticipate Nine Energy Service to be profitable this year, and the stock has experienced a considerable downturn, with a one-month price total return showing a decrease of 32.98%.
On a positive note, another InvestingPro Tip points out that Nine Energy Service's liquid assets exceed its short-term obligations, suggesting a degree of financial stability in meeting immediate liabilities. Nevertheless, the company does not pay a dividend, which may influence the investment decisions of income-focused shareholders.
For those interested in a more in-depth analysis, there are additional InvestingPro Tips available. By using the coupon code PRONEWS24, readers can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further insights that could help in making more informed investment decisions.
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