Mammoth Energy shares sink following report on federal probe

Mammoth Energy Services

06/06/2019 17:07

** Shares of integrated oilfield services provider  TUSK.O 
fall for the second consecutive day; trading down 39% at $5.83 
    ** TUSK among biggest decliners on the Nasdaq
    ** Co's unit in Puerto Rico, Cobra, is under federal
investigation for contract-steering involving billions of
dollars in public reconstruction spending across the U.S.
territory -WSJ report https://www.wsj.com/articles/puerto-rico-grid-contractor-caught-up-in-federal-probes-11559763855
 
    ** The Federal Bureau of Investigation and the Department of
Homeland Security's Inspector General are probing how TUSK came
to dominate the power restoration efforts since 2017; FBI has
opened a related criminal inquiry
    ** 7 of 11 brokerages rate the stock "buy" or higher and 4
"hold"; their median PT is $20
    ** Shares of the company have slumped ~68% YTD

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2439, outside U.S. +91 80 6749 2439; Reuters Messaging:
shradha.singh@.thomsonreuters.com@reuters.net))