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QES - Quintana Energy Services Inc News Story

$0.928 0.0  0.0%

Last Trade - 27/07/20

Sector
Energy
Size
Micro Cap
Market Cap £24.0m
Enterprise Value £36.3m
Revenue £333.1m
Position in Universe th / 6366

BUZZ-Quintana Energy: Crashes on dismal industry outlook, furlough plans

Mon 13th April, 2020 2:32pm
** Shares of oilfield services provider  QES.N  tanks 97.6%
to 3 cents premarket 
    ** Company announces cost reduction actions citing current
market volatility, operational disruption related to the
COVID-19 pandemic, and uncertain outlook for the U.S. onshore
oil and gas industry  urn:newsml:reuters.com:*:nPn29TBbKa
    ** We expect a significant drop in activity and reduced
pricing and margins due to a material decrease in North American
E&P spending and challenging competitor dynamics - Chris Baker,
president and CEO
    ** Baker adds that company expects lower pricing and
activity levels until there are clear signs of a recovery in
commodity prices 
   ** Says plan to begin a furlough program to minimize cost
   ** Announces 20% voluntary reduction in CEO base salary in
addition to reduced compensation for executives and board
members
    ** Says cost reductions are being implemented in addition to
previously announced restructuring of business segments 
    ** Current average rating of 5 analysts on the stock is
"hold"; their median PT is $2.20 - Refinitiv data
    ** Shares were down 55% this year, as of last close 

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))
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