I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community.
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HOUSTON, October 15, 2019 – Shares of Quintana Energy Services Inc. (NYSE: QES) showed the bearish trend with a lower momentum of -6.84% to $1.77. The company traded total volume of 14.70K shares as contrast to its average volume of 18.11K shares. The company has a market value of $55.52M and about 31.37M shares outstanding.
Quintana Energy Services Inc. (QES) reported first quarter 2019 revenue of $141.70M, up 0.3% from $141.30M in the first quarter 2018. First quarter 2019 net loss was $8.90M and Adjusted EBITDA was $7.60M, compared to a net loss of $1.60M and Adjusted EBITDA of $13.90M for the fourth quarter of 2018, and a net loss of $16.40M and Adjusted EBITDA of $15.50M in the first quarter of 2018.
Other Financial Information:
General and administrative (“G&A”) expense for the first quarter of 2019 increased to $15.70M compared to the fourth quarter’s G&A expense of $13.80M, and decreased by $4.60M, compared to $20.30M for the first quarter of 2018. The sequential increase in G&A expense compared to the fourth quarter was primarily the additional administrative expenses related to being a publicly traded company and related expenses. The year over year decrease in G&A expenses was primarily driven by a lower stock based compensation expense of $2.80M during the first quarter of 2019, partially offset by increased headcount and additional administrative expenses related to being a publicly traded company and related expenses.
Capital expenditures totaled $12.60M during the first quarter of 2019, compared to capital expenditures of $11.80M in the fourth quarter of 2018, and $12.40M in the first quarter of 2018. Capital spending during the first quarter of 2019 was driven by pressure pumping equipment lease buyouts, Directional Drilling’s expenditures on motors, a new robotics cell for our machine shop and overall maintenance capital expenditures, compared to the fourth quarter of 2018 where expenditures stabilized following the deployment of the fourth hydraulic fracturing fleet.
First quarter interest expense of $0.70M was consistent with the fourth quarter’s interest expense, and down from $10.20M in the first quarter of 2018. The first quarter interest expense decrease over prior year period was primarily due to a lower debt outstanding balance during the first quarter of 2019.
Share Repurchase Plan:
On August 8, 2018, QES’ Board of Directors approved a $6.00M stock repurchase program authorizing the Company to repurchase common stock in the open market. The timing and amount of stock repurchases will depend on market conditions and corporate, regulatory and other relevant considerations. Repurchases may be commenced or suspended at any time without notice. The program does not obligate QES to purchase any particular number of shares of common stock during any period or at all, and the program may be modified or suspended at any time, subject to the Company’s insider trading policy, at the Company’s discretion. As of March 31, 2019, 0.20M shares repurchases were made under this program.
The Company offered net profit margin of -4.20% while its gross profit margin was 17.60%. ROE was recorded as -12.30%. The stock, as of recent close, has shown the weekly upbeat performance of 0.57% which was maintained at -48.84% in this year.