KeyBanc Downgrades ENGlobal Corporation (ENG) to Hold; Q2 Miss, Visibility Weak
Tweet Send to a FriendGet Alerts ENG Hot Sheet
Price: $0.56 -1.75%
Rating Summary:
0 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
0 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade ENG Now!
KeyBanc downgraded ENGlobal Corporation (NASDAQ: ENG) from Buy to Hold.
Analyst, Matt Tucker, said, "We are downgrading ENGlobal following its weaker-than-expected 2Q12 results, which have dampened our near to medium-term earnings outlook and have put the firm in violation of covenants under its new credit facility, generating some concerns around ENG's near-term liquidity. This follows several quarters of disappointing performance from ENG and adds to a series of events that have contributed to the uncertainty around the firm's direction, including recent credit issues that we believe impacted competitiveness in 1H12 (at least temporarily), the abrupt June 13 departure of its CFO (still without full-time replacement), and the unexpected August 1 departure of two-year CEO Edd Pagano, who was replaced by co-founder, Chairman and former CEO Bill Coskey."
KeyBanc lowers FY13 EPS estimate from $0.38 to $0.00.
For an analyst ratings summary and ratings history on ENGlobal Corporation click here. For more ratings news on ENGlobal Corporation click here.
Shares of ENGlobal Corporation closed at $1.10 yesterday, with a 52 week range of $0.80-$3.40.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Analyst, Matt Tucker, said, "We are downgrading ENGlobal following its weaker-than-expected 2Q12 results, which have dampened our near to medium-term earnings outlook and have put the firm in violation of covenants under its new credit facility, generating some concerns around ENG's near-term liquidity. This follows several quarters of disappointing performance from ENG and adds to a series of events that have contributed to the uncertainty around the firm's direction, including recent credit issues that we believe impacted competitiveness in 1H12 (at least temporarily), the abrupt June 13 departure of its CFO (still without full-time replacement), and the unexpected August 1 departure of two-year CEO Edd Pagano, who was replaced by co-founder, Chairman and former CEO Bill Coskey."
KeyBanc lowers FY13 EPS estimate from $0.38 to $0.00.
For an analyst ratings summary and ratings history on ENGlobal Corporation click here. For more ratings news on ENGlobal Corporation click here.
Shares of ENGlobal Corporation closed at $1.10 yesterday, with a 52 week range of $0.80-$3.40.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Wells Fargo Downgrades Aruba Networks (ARUN) to Market Perform
- Jefferies Downgrades Limited Brands (LTD) to Underperform; Sees 21% Downside
- Jefferies Buyers of Jack In The Box (JACK) on Solid Results
Create E-mail Alert Related Categories
Analyst EPS Change, Analyst EPS View, DowngradesRelated Entities
KeyBanc, Earnings
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
