Nextier Oilfield Solutions falls on lower revenue outlook

Nextier Oilfield Solutions

26/10/2022 12:46

** Land oilfield focused service firm Nextier Oilfield
Solutions Inc  NEX.N  falls 3.2% premarket to $10.88 after
reporting Q3 results
    ** Stock had gained around 16.36% over the past seven
sessions
    ** Co expects Q4 revenue to be hit 2%-4% due to demand
uncertainty related to winter weather, and customer budget
exhaustion
    ** NEX's sales were $896.01 mln, missing analyst
expectations of $924.63 mln; says fire on one of its Simul frac
fleets hit Q3 results 
    ** NEX says capital expenditures for next quarter to be ~$75
mln to $85 mln, with ~$18 mln to replace fleet lost in fire in
Q3    
    ** NEX says it will authorize share repurchases up to $250
mln through Dec. 31, 2023
    ** Seven out of 10 brokerages recommend buying the stock,
and three "hold"; their median PT is $14.25 - Refinitiv 
    ** Up to Tuesday's close, stock had risen 216.6% YTD
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))