LONGMONT — Enservco Corp. (NYSE American: ENSV), which provides specialized well-site services to the domestic oil and gas industries, posted higher year-over-year sales and a lower net loss in the second quarter of 2023, but Wall Street continues to be sour on the company’s stock.
Revenue was up 8% year over year to $3.7 million in the most-recent period from $3.5 million in the second quarter last year.
Enserco’s net loss for the second quarter of 2023 was $2.6 million, an improvement on a net loss of $3.9 million in the same period last year.
“We are pleased to report continued growth momentum, highlighted by our ninth consecutive quarter of year-over-year revenue growth,” Enservco executive chairman Rich Murphy said in a prepared statement. “In what is traditionally one of our two slower, off-season quarters, we grew revenue by 8% year over year on the strength of a 147% increase in completion services, which more than offset a 7% decline in production services. Similarly, our six-month revenue increased by 5% year over year as completion services grew 12% and offset a 2% decline in production services. It is worth noting that the decline in revenues within production services for both the second quarter and six months was primarily related to our decision to exit our North Dakota operations, but that decline was substantially offset by significant gains within the more profitable Texas operations.”
Enservco’s stock began trading Wednesday at 36 cents per share. That’s down from a 52-week high of $3.22.