Enservco Corporation (ENSV) stock is down in the pre-market after the company delayed its fourth-quarter results. ENSV stock is currently trading at $3.11, losing more than the previous close. ENSV stock closed at $3.63 with a trading volume of approximately 9.79 million shares.
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Overview of the Global Oil and Gas Industry
Enservco Corporation (ENSV) provides services related to the domestic onshore oil and gas sector. Its services range from production to completion and other integrated services. The production service segment provides maintenance services with the help of a fleet of hot oil trucks, while completion and other services include frac water heating services.
Oil and gas are sold worldwide by businesses or individuals involved in the exploration, extraction, drilling, and refining of oil and gas, as well as the production of some of the oil and gas’s byproducts. In the oil and gas industry, businesses have been restructuring operations and recovering from COVID-19, which led to strict containment measures, like social distance, remote working, and commercial activities closure. These things caused problems for businesses when they tried to run their operations.
In 2021, the worldwide oil and gas business had roughly $6 trillion market value. It is expected to grow at 11.8 percent per year to reach $6.8 trillion in 2022. By 2026, this industry is expected to be worth $10.3 trillion and grow at 11.1 percent each year.
ENSV: Postponed Fourth Quarter Results
Enservco Corporation announced in a press release that they are postponing the result of the fourth quarter and fiscal 2021. Form 10-K for the year 2021 will be used to restate the Company’s financial statements on three Form 10-Qs for the year 2021 to account for the Company’s usage of certain deferred tax obligations in the year 2021. These restatements will not impact the Company’s reported revenue and operating expenditures, and the delay is not connected to operational problems.
ENSV Fourth Quarter Revenue
An increase of 71% in fourth-quarter 2021 sales over the previous year was also disclosed by Enservco Corporation (ENSV). This was attributed to increased customer activity and new clients owing to higher commodity prices.
As soon as they finish their 2021 files, they will reschedule their earnings conference call, initially planned for April 18, 2020.