Declared Dividend • Jun 24
Second quarter dividend increased to US$0.04 Dividend of US$0.04 is 33% higher than last year. Ex-date: 30th June 2026 Payment date: 15th July 2026 Dividend yield will be 0.7%, which is lower than the industry average of 2.3%. Payout Ratios Payout ratio: 22%. Cash payout ratio: 23%. Recent Insider Transactions • Jun 22
President recently bought US$98k worth of stock On the 18th of June, Douglas Reynolds bought around 6k shares on-market at roughly US$16.26 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Douglas has been a buyer over the last 12 months, purchasing a net total of US$257k worth in shares. Announcement • Jun 20
Energy Services of America Corporation Declares Quarterly Cash Dividend, Payable on July 15, 2026 On June 17, 2026, Energy Services of America Corporation declared a quarterly cash dividend of $0.04 per common share payable on July 15, 2026 to shareholders of record at the close of business on June 30, 2026. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$15.30, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 19x in the Energy Services industry in the US. Total returns to shareholders of 636% over the past three years. Recent Insider Transactions • May 29
Chairman of the Board recently sold US$1.7m worth of stock On the 28th of May, Marshall Reynolds sold around 100k shares on-market at roughly US$16.81 per share. This transaction amounted to 7.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Marshall has been a net seller over the last 12 months, reducing personal holdings by US$2.5m. Recent Insider Transactions Derivative • May 28
Chairman of the Board notifies of intention to sell stock Marshall Reynolds intends to sell 100k shares in the next 90 days after lodging an Intent To Sell Form on the 27th of May. If the sale is conducted around the recent share price of US$17.19, it would amount to US$1.7m. Since December 2025, Marshall has owned 1.43m shares directly. Company insiders have collectively sold US$678k more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • May 18
Consensus EPS estimates increase by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from US$440.1m to US$452.4m. EPS estimate increased from US$0.57 to US$0.73 per share. Net income forecast to grow 66% next year vs 28% growth forecast for Energy Services industry in the US. Consensus price target up from US$21.00 to US$25.00. Share price rose 4.5% to US$18.43 over the past week. Reported Earnings • May 12
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: US$0.012 (up from US$0.41 loss in 2Q 2025). Revenue: US$93.2m (up 22% from 2Q 2025). Net income: US$215.5k (up US$7.01m from 2Q 2025). Profit margin: 0.2% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Energy Services industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 114% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Mar 25
First quarter dividend of US$0.03 announced Dividend of US$0.03 is the same as last year. Ex-date: 31st March 2026 Payment date: 15th April 2026 Dividend yield will be 0.8%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is covered by both earnings (89.7% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 10% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share is expected to grow by 231% over the next 3 years, which should maintain adequate earnings cover for the dividend. Recent Insider Transactions • Mar 24
President recently bought US$83k worth of stock On the 20th of March, Douglas Reynolds bought around 6k shares on-market at roughly US$13.21 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Douglas has been a buyer over the last 12 months, purchasing a net total of US$159k worth in shares. New Risk • Feb 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Share price has been volatile over the past 3 months (5.5% average weekly change). Profit margins are more than 30% lower than last year (0.5% net profit margin). Significant insider selling over the past 3 months (US$837k sold). Reported Earnings • Feb 10
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: US$0.16 (up from US$0.051 in 1Q 2025). Revenue: US$114.1m (up 13% from 1Q 2025). Net income: US$2.71m (up 217% from 1Q 2025). Profit margin: 2.4% (up from 0.8% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) also surpassed analyst estimates by 45%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Energy Services industry in the US. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 71% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 13
Energy Services of America Corporation, Annual General Meeting, Feb 18, 2026 Energy Services of America Corporation, Annual General Meeting, Feb 18, 2026. Location: doubletree by hilton, 1001 third avenue, huntington, west virginia 25701, United States Recent Insider Transactions • Dec 19
Chairman of the Board recently sold US$837k worth of stock On the 17th of December, Marshall Reynolds sold around 100k shares on-market at roughly US$8.37 per share. This transaction amounted to 6.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Marshall has been a net seller over the last 12 months, reducing personal holdings by US$1.4m. Announcement • Dec 19
Energy Services of America Corporation Declares Quarterly Cash Dividend, Payable on January 14, 2026 On December 17, 2025, Energy Services of America Corporation declared a quarterly cash dividend of $0.03 per common share payable on January 15, 2026 to shareholders of record at the close of business on December 31, 2025. Recent Insider Transactions Derivative • Dec 18
Chairman of the Board notifies of intention to sell stock Marshall Reynolds intends to sell 100k shares in the next 90 days after lodging an Intent To Sell Form on the 17th of December. If the sale is conducted around the recent share price of US$8.37, it would amount to US$837k. Since December 2024, Marshall has owned 1.53m shares directly. Company insiders have collectively sold US$630k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Dec 11
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: US$0.023 (down from US$1.52 in FY 2024). Revenue: US$411.0m (up 17% from FY 2024). Net income: US$379.7k (down 99% from FY 2024). Profit margin: 0.1% (down from 7.1% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) missed analyst estimates by 87%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Energy Services industry in the US. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$9.15, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Energy Services industry in the US. Total returns to shareholders of 244% over the past three years. Announcement • Sep 27
Energy Services of America Corporation Declares a Quarterly Cash Dividend, Payable on October 15, 2025 On September 26, 2025, Energy Services of America Corporation (the “Company”) declared a quarterly cash dividend of $0.03 per common share payable on October 15, 2025 to shareholders of record at the close of business on October 6, 2025. New Risk • Aug 12
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.2x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (0.7% net profit margin). Reported Earnings • Aug 12
Third quarter 2025 earnings released: EPS: US$0.13 (vs US$1.06 in 3Q 2024) Third quarter 2025 results: EPS: US$0.13 (down from US$1.06 in 3Q 2024). Revenue: US$103.6m (up 21% from 3Q 2024). Net income: US$2.08m (down 88% from 3Q 2024). Profit margin: 2.0% (down from 20% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Announcement • Jun 25
Energy Services of America Corporation Declares Quarterly Dividend, Payable on July 15, 2025 On June 18, 2025, Energy Services of America Corporation declared a quarterly cash dividend of $0.03 per common share payable on July 15, 2025 to shareholders of record at the close of business on July 3, 2025. Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$8.40, the stock trades at a trailing P/E ratio of 7.7x. Average forward P/E is 14x in the Energy Services industry in the US. Total returns to shareholders of 259% over the past three years. Reported Earnings • May 14
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: US$0.41 loss per share (further deteriorated from US$0.067 loss in 2Q 2024). Revenue: US$76.7m (up 7.8% from 2Q 2024). Net loss: US$6.80m (loss widened US$5.69m from 2Q 2024). Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 4 highly experienced directors. Independent Director Mark Prince was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$7.99, the stock trades at a trailing P/E ratio of 5.6x. Average forward P/E is 11x in the Energy Services industry in the US. Total returns to shareholders of 250% over the past three years. Price Target Changed • Mar 16
Price target increased by 100% to US$20.00 Up from US$10.00, the current price target is provided by 1 analyst. New target price is 109% above last closing price of US$9.58. Stock is up 19% over the past year. The company is forecast to post earnings per share of US$0.40 for next year compared to US$1.52 last year. Announcement • Jan 14
Energy Services of America Corporation, Annual General Meeting, Feb 19, 2025 Energy Services of America Corporation, Annual General Meeting, Feb 19, 2025. Location: doubletree by hilton, 1001 third avenue, west virginia 25701, huntington United States Announcement • Dec 17
Energy Services of America Corporation announced delayed annual 10-K filing On 12/16/2024, Energy Services of America Corporation announced that they will be unable to file their next 10-K by the deadline required by the SEC. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to US$18.80, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 11x in the Energy Services industry in the US. Total returns to shareholders of 530% over the past three years. Announcement • Dec 03
Energy Services of America Corporation (NasdaqCM:ESOA) completed the acquisition of Substantially all of the assets of Tribute Contracting & Consultants LLC. Energy Services of America Corporation (NasdaqCM:ESOA) has entered into an Asset Purchase Agreement to acquire Substantially all of the assets of Tribute Contracting & Consultants LLC for $24 million on October 31, 2024. Under the terms of the agreement, Energy Services' new subsidiary, Tribute Acquisition Company, will purchase substantially all of the assets of Tribute for $22 million in cash, less any assumed debt and working capital adjustments, and $2.0 million of Energy Services' common stock. The Company expects the transaction will close in early December. Edwards, Klein, Anderson & Shope PLLC acted as legal advisor to Tribute Contracting & Consultants LLC and Dinsmore & Shohl LLP acted as legal advisor to Energy Services of America Corporation.
Energy Services of America Corporation (NasdaqCM:ESOA) completed the acquisition of Substantially all of the assets of Tribute Contracting & Consultants LLC on December 2, 2024. Declared Dividend • Nov 25
Dividend of US$0.03 announced Shareholders will receive a dividend of US$0.03. Ex-date: 13th December 2024 Payment date: 2nd January 2025 Dividend yield will be 0.2%, which is lower than the industry average of 2.3%. Payout Ratios Payout ratio: 4%. Cash payout ratio: 5%. Announcement • Nov 21
Energy Services of America Corporation Announces the Initiation of a Quarterly Dividend, Payable on January 2, 2025 Energy Services of America Corporation announced that the Company's board of directors declared a quarterly cash dividend of $0.03 per common share payable on January 2, 2025 to shareholders of record at the close of business on December 13, 2024. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$13.30, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 14x in the Energy Services industry in the US. Total returns to shareholders of 626% over the past three years. Recent Insider Transactions • Sep 20
Independent Director recently sold US$505k worth of stock On the 18th of September, Samuel Kapourales sold around 50k shares on-market at roughly US$10.10 per share. This transaction amounted to 6.5% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$713k. Insiders have been net sellers, collectively disposing of US$3.1m more than they bought in the last 12 months. Recent Insider Transactions • Sep 01
Chairman of the Board recently sold US$713k worth of stock On the 30th of August, Marshall Reynolds sold around 75k shares on-market at roughly US$9.50 per share. This transaction amounted to 4.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Marshall has been a net seller over the last 12 months, reducing personal holdings by US$2.0m. Recent Insider Transactions Derivative • Aug 30
Chairman of the Board notifies of intention to sell stock Marshall Reynolds intends to sell 25k shares in the next 90 days after lodging an Intent To Sell Form on the 28th of August. If the sale is conducted around the recent share price of US$9.50, it would amount to US$238k. Since March 2024, Marshall's direct individual holding has decreased from 1.73m shares to 1.65m. Company insiders have collectively sold US$1.8m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Aug 25
Chairman of the Board notifies of intention to sell stock Marshall Reynolds intends to sell 25k shares in the next 90 days after lodging an Intent To Sell Form on the 16th of August. If the sale is conducted around the recent share price of US$9.00, it would amount to US$225k. Since March 2024, Marshall's direct individual holding has decreased from 1.73m shares to 1.65m. Company insiders have collectively sold US$1.7m more than they bought, via options and on-market transactions in the last 12 months. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to US$9.18, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Energy Services industry in the US. Total returns to shareholders of 388% over the past three years. Major Estimate Revision • Aug 19
Consensus EPS estimates increase by 324%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from US$352.9m to US$341.7m. EPS estimate rose from US$0.29 to US$1.23. Net income forecast to shrink 57% next year vs 20% growth forecast for Energy Services industry in the US . Consensus price target of US$10.00 unchanged from last update. Share price rose 37% to US$9.18 over the past week. New Risk • Aug 18
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$367k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 78% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Large one-off items impacting financial results. Significant insider selling over the past 3 months (US$367k sold). Recent Insider Transactions • Aug 18
Chairman of the Board recently sold US$285k worth of stock On the 15th of August, Marshall Reynolds sold around 32k shares on-market at roughly US$9.00 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Marshall has been a net seller over the last 12 months, reducing personal holdings by US$843k. Recent Insider Transactions Derivative • Aug 16
Independent Director notifies of intention to sell stock Joseph Williams intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 14th of August. If the sale is conducted around the recent share price of US$9.19, it would amount to US$92k. Since March 2024, Joseph has owned 100.25k shares directly. Company insiders have collectively sold US$704k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Aug 13
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: US$1.06 (up from US$0.21 in 3Q 2023). Revenue: US$85.9m (flat on 3Q 2023). Net income: US$17.5m (up 413% from 3Q 2023). Profit margin: 20% (up from 4.0% in 3Q 2023). Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) exceeded analyst estimates significantly. Revenue is forecast to stay flat during the next 2 years compared to a 7.1% growth forecast for the Energy Services industry in the US. Over the last 3 years on average, earnings per share has increased by 63% per year whereas the company’s share price has increased by 66% per year. Major Estimate Revision • Jul 16
Consensus EPS estimates fall by 37% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$361.8m to US$352.9m. EPS estimate also fell from US$0.46 per share to US$0.29 per share. Net income forecast to shrink 41% next year vs 13% growth forecast for Energy Services industry in the US . Consensus price target of US$10.00 unchanged from last update. Share price was steady at US$7.28 over the past week. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to US$7.81, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Energy Services industry in the US. Total returns to shareholders of 304% over the past three years. Reported Earnings • May 09
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: US$0.067 loss per share (improved from US$0.11 loss in 2Q 2023). Revenue: US$71.1m (up 33% from 2Q 2023). Net loss: US$1.11m (loss narrowed 41% from 2Q 2023). Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Energy Services industry in the US. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$7.99, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Energy Services industry in the US. Total returns to shareholders of 302% over the past three years. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$7.39, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Energy Services industry in the US. Total returns to shareholders of 283% over the past three years. Price Target Changed • Mar 29
Price target increased by 228% to US$10.00 Up from US$3.05, the current price target is provided by 1 analyst. New target price is 21% above last closing price of US$8.25. Stock is up 260% over the past year. The company is forecast to post earnings per share of US$0.46 for next year compared to US$0.44 last year. Recent Insider Transactions • Mar 29
Independent Director recently bought US$115k worth of stock On the 21st of March, Mark Prince bought around 14k shares on-market at roughly US$8.20 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$120k. Despite this recent purchase, insiders have collectively sold US$725k more in shares than they bought in the last 12 months. Announcement • Jan 20
Energy Services of America Corporation, Annual General Meeting, Feb 21, 2024 Energy Services of America Corporation, Annual General Meeting, Feb 21, 2024, at 12:00 US Eastern Standard Time. Location: Doubletree by Hilton, 1001 Third Avenue Huntington West Virginia United States Agenda: To consider the election of nine directors to the Board of Directors; and and to consider an advisory, non-binding resolution with respect to the executive compensation. Announcement • Dec 30
Energy Services of America Corporation announced delayed annual 10-K filing On 12/29/2023, Energy Services of America Corporation announced that they will be unable to file their next 10-K by the deadline required by the SEC. Reported Earnings • Dec 19
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: US$0.45 (up from US$0.23 in FY 2022). Revenue: US$304.1m (up 54% from FY 2022). Net income: US$7.40m (up 97% from FY 2022). Profit margin: 2.4% (up from 1.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 132%. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 68% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 07
Upcoming dividend of US$0.06 per share at 1.6% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 02 January 2024. Trailing yield: 1.6%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$3.80, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Energy Services industry in the US. Total returns to shareholders of 330% over the past three years. Announcement • Nov 18
Energy Services of America Corporation Announces Annual Cash Dividend, Payable on January 2, 2024 Energy Services of America Corporation announced that on November 15, 2023, the Company's board of directors declared an annual cash dividend of $0.06 per common share payable on January 2, 2024 to shareholders of record as of December 15, 2023. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$4.59, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Energy Services industry in the US. Total returns to shareholders of 346% over the past three years. Major Estimate Revision • Aug 24
Consensus revenue estimates increase by 14% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from US$237.0m to US$269.3m. EPS estimate increased from US$0.05 to US$0.19 per share. Net income forecast to grow 61% next year vs 52% growth forecast for Energy Services industry in the US. Consensus price target of US$10.00 unchanged from last update. Share price rose 3.6% to US$3.74 over the past week. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to US$3.81, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Energy Services industry in the US. Total returns to shareholders of 322% over the past three years. New Risk • Aug 20
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risk Market cap is less than US$100m (US$65.8m market cap). Reported Earnings • Aug 15
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: US$0.21 (up from US$0.099 in 3Q 2022). Revenue: US$85.5m (up 67% from 3Q 2022). Net income: US$3.42m (up 111% from 3Q 2022). Profit margin: 4.0% (up from 3.2% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 60%. Earnings per share (EPS) also surpassed analyst estimates by 200%. Revenue is expected to decline by 4.1% p.a. on average during the next 2 years, while revenues in the Energy Services industry in the US are expected to grow by 8.8%. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 64% per year, which means it is well ahead of earnings. Price Target Changed • Aug 15
Price target increased by 228% to US$10.00 Up from US$3.05, the current price target is provided by 1 analyst. New target price is 232% above last closing price of US$3.01. Stock is up 26% over the past year. The company is forecast to post earnings per share of US$0.05 for next year compared to US$0.23 last year. Announcement • May 25
Energy Services of America Receives Nasdaq Notice Regarding Late Form 10-Q Filing Energy Services of America Corporation announced that on May 18, 2023, it received a delinquency notification letter from the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company is not in compliance with the continued listing requirements under Nasdaq Listing Rule 5250(c)(1) because the Company did not timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2023 (the “Form 10-Q”). The notification letter has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market. The Company filed a Notification of Late Filing on Form 12b-25 on May 15, 2023, indicating that the filing of the Form 10-Q would be delayed due to the need to restate the Company’s previously issued audited consolidated financial statements for the fiscal years ended September 30, 2022 and 2021 and certain related interim periods. Nasdaq has informed the Company that the Company must submit a plan of compliance (the “Plan”) within 60 calendar days, or no later than July 17, 2023, addressing how it intends to regain compliance with Nasdaq’s listing rules and, if Nasdaq accepts the Plan, it may grant an extension of up to 180 calendar days from the Form 10-Q original filing due date, or until November 13, 2023, to regain compliance. The Company’s management is working diligently to complete the Form 10-Q and intends to file the Form 10-Q as soon as practicable. Announcement • May 16
Energy Services of America Corporation announced delayed 10-Q filing On 05/15/2023, Energy Services of America Corporation announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Reported Earnings • Feb 14
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: EPS: US$0.01 (down from US$0.072 in 1Q 2022). Revenue: US$60.0m (up 41% from 1Q 2022). Net income: US$163.5k (down 86% from 1Q 2022). Profit margin: 0.3% (down from 2.7% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.8%. Earnings per share (EPS) missed analyst estimates by 50%. Revenue is forecast to grow 3.9% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Energy Services industry in the US. Over the last 3 years on average, earnings per share has increased by 43% per year whereas the company’s share price has increased by 39% per year. Upcoming Dividend • Jan 23
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 30 January 2023. Payment date: 15 February 2023. The company last paid an ordinary dividend in August 2017. The average dividend yield among industry peers is 1.8%. Announcement • Jan 20
Energy Services of America Corporation Declares Special Dividend, Payable on February 15, 2023 Energy Services of America Corporation announced that on January 18, 2023, the company's board of directors declared a special dividend of $0.05 per common share payable on February 15, 2023 to shareholders of record as of January 31, 2023. Announcement • Jan 07
Energy Services of America Corporation, Annual General Meeting, Feb 15, 2023 Energy Services of America Corporation, Annual General Meeting, Feb 15, 2023, at 12:00 US Eastern Standard Time. Location: Doubletree by Hilton, 1001 Third Avenue Huntington West Virginia United States Agenda: To elect ten director to the Board of Directors; to ratify independent registered public accounting firm; and to discuss on advisory, non-binding resolution with respect to the executive compensation. Recent Insider Transactions • Dec 23
Chairman of the Board recently sold US$56k worth of stock On the 19th of December, Marshall Reynolds sold around 21k shares on-market at roughly US$2.68 per share. This transaction amounted to 1.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Marshall has been a net seller over the last 12 months, reducing personal holdings by US$49k. Reported Earnings • Dec 15
Full year 2022 earnings released: EPS: US$0.24 (vs US$0.65 in FY 2021) Full year 2022 results: EPS: US$0.24 (down from US$0.65 in FY 2021). Revenue: US$197.6m (up 61% from FY 2021). Net income: US$3.85m (down 56% from FY 2021). Profit margin: 1.9% (down from 7.2% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Frank Lucente was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment deteriorated over the past week After last week's 17% share price decline to US$2.85, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 27x in the Energy Services industry in the US. Total returns to shareholders of 321% over the past three years. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improved over the past week After last week's 35% share price gain to US$3.24, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 30x in the Energy Services industry in the US. Total returns to shareholders of 360% over the past three years. Reported Earnings • Aug 16
Third quarter 2022 earnings released: EPS: US$0.099 (vs US$0.68 in 3Q 2021) Third quarter 2022 results: EPS: US$0.099 (down from US$0.68 in 3Q 2021). Revenue: US$51.2m (up 102% from 3Q 2021). Net income: US$1.62m (down 82% from 3Q 2021). Profit margin: 3.2% (down from 37% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Announcement • Aug 12
Energy Services of America Corporation (NasdaqCM:ESOA) acquired Certain Assets of Ryan Environmental, LLC and Ryan Environmental Transport, LLC for $2.8 million. Energy Services of America Corporation (NasdaqCM:ESOA) acquired Certain Assets of Ryan Environmental, LLC and Ryan Environmental Transport, LLC for $2.8 million on August 11, 2022. Energy Services of America acquired certain assets of Ryan Environmental, LLC for $1.8 million in cash and certain assets of Ryan Environmental Transport, LLC for $1 million in cash.Energy Services of America Corporation (NasdaqCM:ESOA) completed the acquisition of Certain Assets of Ryan Environmental, LLC and Ryan Environmental Transport, LLC on August 11, 2022. 
