On March 21, the U.S. Well Services Inc. (USWS) stock remained bullish throughout the day with a further gain of 8.85% in the after-hours. The company is set to declare its fiscal 2021 financials on March 30, 2022, after the market close. Moreover, the earnings conference call and webcast will be held on March 31, at 10:100 am. CT.
During the regular trading session, the stock enjoyed bullish momentum with a gain of 7.62%. The stock closed the session at a price of $1.13 per share while 8.03 million shares exchanged hands. USWS continued its bullish trend into the after-hours session as well. The stock reached a value of $1.23 per share in the after-hours following a gain of 8.85% or $0.10. The volume of the share exchanged during the after-hours session was 804.27K.
The oil and gas industry high-pressure and hydraulic fracturing services provider, U.S. Well Services Inc. was founded in 2012. Currently, the company has a market capitalization of $80.95 million with its 77.09 million outstanding shares.
USWS stock Movement
USWS stock has had a good few weeks in February and the start of March. The increasing sanctions on Russian oil and energy products along with oil prices reaching new record highs recently has oil and energy stocks including USWS trending big. The stock was able to go up by 30.77% last month due to high volatility in the market. Since the oil prices surge has calmed down recently, USWS stock has had a bearish sentiment lingering over it. Recently, the stock saw an upsurge on March 17 only to suffer from corrections and profit booking afterward. After going down on March 18, the stock rebounded once again and remained bullish on March 21. With no further announcements from the company, the stock seems to be trending due to external factors like stock sentiment and social media chatter.
Presently, USWS stands at a year-to-date loss of 1.74% while it subtracted 72.41% last year.
On March 14, the company announced the finalization of an agreement with a subsidiary of Range Resources Corporation (RRC). The agreement extends its existing electric fleet contract with RRC which is due to expire in November 2022. As per the extension, the company will deploy a new Nyx Clean Fleet® in November for supporting RRC’s Appalachian completion program through 2024’s end.
Additionally, this extension represents the company’s third contract with RRC for safe and efficient well completions since mid-2019.