Enservco Corporation (ENSV) PT Raised to $7.25 at Ascendiant Capital

Ascendiant Capital analyst Edward Woo raised the price target on Enservco Corporation (NYSE: ENSV) to $7.25 (from $7.00) while maintaining a Buy rating after the company reported Q4 results inline with expectations. Revenue was $2.4 million (-70% y-o-y), in line with the analyst's estimates for $2.4 million. EBITDA of $(1.5) million below the $0.2 million in Q4 2019. EPS of $(0.69) was below his estimate of $(0.63).

The analyst stated "The massive decline in 2020 (staring in Q1) in drilling and completion activity continued in Q4 and combined with significant pricing pressure resulted in much lower than expected revenue. The company had a weak Q4 following a weak Q3, Q2, Q1 and Q4 2019 due to drilling and completion activity slowing."

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