Why NexTier Oilfield Solutions Stock Is Surging Today
Shares of NexTier Oilfield Solutions (NYSE: NEX) jumped by about 10% at 11:15 a.m. ET on Thursday. Fueling the oil stock was its fourth-quarter report.
NexTier Oilfield Solutions reported robust fourth-quarter results. While revenue was down 3% from the third quarter to $870.9 million due to seasonality, it was up more than 70% year over year. Meanwhile, adjusted net income grew to $145.8 million, or $0.59 per share, compared to $129.5 million, or $0.52 per share, in the third quarter. The oilfield services company also generated $93.2 million of free cash flow.
"Operationally, NexTier delivered another very strong quarter with improved profitability and returns, even in a counter-seasonal period," said CEO Robert Drummond in the earnings press release. That's enabling the company to generate strong free cash flow.
Source Fool.com
