Category: Industrials

Thursday, June 18, 2020

CoreCivic (CXW)

Suspends Dividend; Evaluating Corporate Structure and Capital Allocation

CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a growing network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. We are a publicly traded real estate investment trust and the nation’s largest owner of partnership correctional, detention and residential reentry facilities. We also believe we are the largest private owner of real estate used by U.S. government agencies. The Company has been a flexible and dependable partner for government for more than 35 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Business Evaluation. Yesterday, CoreCivic announced that it is evaluating corporate structure and capital allocation alternatives. We interpret this to mean a potential move away from the REIT structure to a regular “C” corporate structure. The Company expects to finalize its evaluation by the end of the third quarter.


Suspending Dividend. In addition, CoreCivic suspended its quarterly dividend. According to management, the Company does expect to maintain its REIT status for 2020 given reduced required distributions under the CARES Act. Suspension of the dividend frees up roughly $53 million quarterly. Depending on the outcome of…

Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Thursday, May 7, 2020

DLH Holdings Corp. (DLHC)

Beats Top and Bottom Lines; Expect VA-CMOP to be Extended

DLH Holdings Corp is a provider of technology-enabled business process outsourcing and program management solutions in the United States. The company offers services to several government agencies which include the Department of veteran affairs, Department of health and human services, Department of Defense and other government agencies. It operates primarily through prime contracts and also derives its revenue from agencies of the federal government, primarily as a prime contractor but also as a subcontractor to other Federal prime contractors.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2Q20 Results. Revenue of $54.8 million and EPS of $0.16. We were projecting revenue of $54 million and EPS of $0.14, while consensus was $52.6 million and $0.13, respectively. Last year, revenues were $33.8 million and EPS was $0.10. The y-o-y revenue increase includes the S3 contribution while the Company’s legacy operations also grew steadily, reflecting increased volume to the VA and other agencies.

VA-CMOP Extension? During the quarter, the government canceled the previously-issued RFP for the VA pharmacy contracts. The RFP included a requirement that the prime contractor be a service-disabled veteran owned small business, which would have precluded DLH from continuing in the prime contractor role. Although the government has not indicated its future procurement strategy, we would expect DLH’s current contracts for these services to be extended for…






Cllick to get the full report.

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Thursday, May 7, 2020

CoreCivic (CXW)

Solid First Quarter. What’s Next?

CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a growing network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. We are a publicly traded real estate investment trust and the nation’s largest owner of partnership correctional, detention and residential reentry facilities. We also believe we are the largest private owner of real estate used by U.S. government agencies. The Company has been a flexible and dependable partner for government for more than 35 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

1Q20 Results. Revenue came in at $491.1 million up 1.5% over the first quarter of 2019, and adjusted EPS was $0.30 versus $0.42 last year. We had forecast $476 million and $0.26, respectively. Normalized FFO was $0.54 per share and AFFO came in at $0.58 per share compared to $0.64 and $0.63, respectively, last year. We were at $0.52 and $0.53. Recall, EPS was expected to decline as populations, particularly for ICE, were expected to decline even before the COVID crisis.


COVID Response. Operationally, in response to the crisis, CoreCivic has taken a number of measures to conform with guidance from its government partners and public health officials for prevention and addressing positive COVID cases. The Company also announced in April bonuses for every frontline employee as well as an updated leave policy. The Company also offered idle bed capacity at no cost to communities. While these measures will impact operating costs in the short-term, the measures should help the Company exit the…

Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Thursday, May 7, 2020

DLH Holdings Corp. (DLHC)

Beats Top and Bottom Lines; Expect VA-CMOP to be Extended

DLH Holdings Corp is a provider of technology-enabled business process outsourcing and program management solutions in the United States. The company offers services to several government agencies which include the Department of veteran affairs, Department of health and human services, Department of Defense and other government agencies. It operates primarily through prime contracts and also derives its revenue from agencies of the federal government, primarily as a prime contractor but also as a subcontractor to other Federal prime contractors.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2Q20 Results. Revenue of $54.8 million and EPS of $0.16. We were projecting revenue of $54 million and EPS of $0.14, while consensus was $52.6 million and $0.13, respectively. Last year, revenues were $33.8 million and EPS was $0.10. The y-o-y revenue increase includes the S3 contribution while the Company’s legacy operations also grew steadily, reflecting increased volume to the VA and other agencies.

VA-CMOP Extension? During the quarter, the government canceled the previously-issued RFP for the VA pharmacy contracts. The RFP included a requirement that the prime contractor be a service-disabled veteran owned small business, which would have precluded DLH from continuing in the prime contractor role. Although the government has not indicated its future procurement strategy, we would expect DLH’s current contracts for these services to be extended for…






Cllick to get the full report.

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Thursday, May 7, 2020

CoreCivic (CXW)

Solid First Quarter. What’s Next?

CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a growing network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. We are a publicly traded real estate investment trust and the nation’s largest owner of partnership correctional, detention and residential reentry facilities. We also believe we are the largest private owner of real estate used by U.S. government agencies. The Company has been a flexible and dependable partner for government for more than 35 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

1Q20 Results. Revenue came in at $491.1 million up 1.5% over the first quarter of 2019, and adjusted EPS was $0.30 versus $0.42 last year. We had forecast $476 million and $0.26, respectively. Normalized FFO was $0.54 per share and AFFO came in at $0.58 per share compared to $0.64 and $0.63, respectively, last year. We were at $0.52 and $0.53. Recall, EPS was expected to decline as populations, particularly for ICE, were expected to decline even before the COVID crisis.


COVID Response. Operationally, in response to the crisis, CoreCivic has taken a number of measures to conform with guidance from its government partners and public health officials for prevention and addressing positive COVID cases. The Company also announced in April bonuses for every frontline employee as well as an updated leave policy. The Company also offered idle bed capacity at no cost to communities. While these measures will impact operating costs in the short-term, the measures should help the Company exit the…

Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Wednesday, May 6, 2020

ACCO Brands Corporation (ACCO)

Post 1Q20 Call Commentary

ACCO Brands Corporation designs, manufactures, sources, markets, and sells office products, academic supplies, and calendar products primarily in the United States, Canada, Northern Europe, Brazil, Australia, and Mexico. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company offers office products, such as stapling, binding and laminating equipment, and related consumable supplies, as well as shredders and whiteboards; and academic products, including notebooks, folders, decorative calendars, and stationery products. It also provides private label products, as well as business machine maintenance and repair services. The company offers its business, academic, and calendar product lines under the Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra, Wilson Jones, and other brand names. In addition, it designs, sources, distributes, markets, and sells accessories for laptop and desktop computers, and tablets comprising security products; input devices, such as presenters, mice, and trackballs; ergonomic aids, including foot and wrist rests; docking stations; and other personal computers and tablet accessories under the Kensington, Microsaver, and ClickSafe brand names. The company sells its products to consumers and commercial end-users primarily through resellers, including traditional office supply resellers, wholesalers, mass merchandisers, and retailers, as well as directly to consumers through on-line and direct mail. ACCO Brands Corporation is headquartered in Lake Zurich, Illinois.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

COVID Impacting Operations. ACCO began experiencing the impacts in March as many countries in Europe began shutting down. Second quarter revenues and profits are expected to be significantly below last year, with April the weakest month of the quarter. Visibility past then is poor currently, although the back-to-school season is seeing strength from mass merchants and e-tailers, the largest B2S retailers. ACCO has been deemed an essential business, a positive in our view.


But Well Positioned. ACCO is well positioned to ride out the COVID storm. From an operating perspective, roughly 65% of revenues are derived from consumables and B2S sales account for a significant portion of revenues. Financially, the Company ended the quarter with $93.4 million of cash and $450 million of availability under its revolving facility. The recent bank debt amendment provides…







Click here to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Wednesday, May 6, 2020

ACCO Brands Corporation (ACCO)

Post 1Q20 Call Commentary

ACCO Brands Corporation designs, manufactures, sources, markets, and sells office products, academic supplies, and calendar products primarily in the United States, Canada, Northern Europe, Brazil, Australia, and Mexico. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company offers office products, such as stapling, binding and laminating equipment, and related consumable supplies, as well as shredders and whiteboards; and academic products, including notebooks, folders, decorative calendars, and stationery products. It also provides private label products, as well as business machine maintenance and repair services. The company offers its business, academic, and calendar product lines under the Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra, Wilson Jones, and other brand names. In addition, it designs, sources, distributes, markets, and sells accessories for laptop and desktop computers, and tablets comprising security products; input devices, such as presenters, mice, and trackballs; ergonomic aids, including foot and wrist rests; docking stations; and other personal computers and tablet accessories under the Kensington, Microsaver, and ClickSafe brand names. The company sells its products to consumers and commercial end-users primarily through resellers, including traditional office supply resellers, wholesalers, mass merchandisers, and retailers, as well as directly to consumers through on-line and direct mail. ACCO Brands Corporation is headquartered in Lake Zurich, Illinois.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

COVID Impacting Operations. ACCO began experiencing the impacts in March as many countries in Europe began shutting down. Second quarter revenues and profits are expected to be significantly below last year, with April the weakest month of the quarter. Visibility past then is poor currently, although the back-to-school season is seeing strength from mass merchants and e-tailers, the largest B2S retailers. ACCO has been deemed an essential business, a positive in our view.


But Well Positioned. ACCO is well positioned to ride out the COVID storm. From an operating perspective, roughly 65% of revenues are derived from consumables and B2S sales account for a significant portion of revenues. Financially, the Company ended the quarter with $93.4 million of cash and $450 million of availability under its revolving facility. The recent bank debt amendment provides…







Click here to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Tuesday, May 5, 2020

Kelly Services Inc. (KELYA)

Reports First Quarter Results. What Will COVID-19 Impact Be?

Kelly Services Inc is a provider of workforce solutions and consulting and staffing services. The company’s operations are divided into three business segments namely Americas Staffing, Global Talent Solutions (“GTS”) and International Staffing. It provides staffing solutions through its branch networks in Americas and International operations and also provides a suite of innovative talent fulfilment and outcome-based solutions through GTS segment. Americas Staffing generates maximum revenue from its operations.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

1Q20 Results. Kelly Services reported revenue of $1.26 billion for the first quarter, down 8.8%, year-over-year. Reported net loss was $153.2 million or $3.91 per share. Included in the net loss is a $147.7 million impairment charge, a $77.8 million loss on Persol investment, $8.7 million of restructuring charges, and a $32.1 million gain from the HQ sale. Adjusted EPS came in at $0.20 versus an adjusted $0.45 in the prior year period.


COVID-19 Impact. During the quarter, management estimates COVID-19 accounted for 270 basis points of the year-over-year decline in revenue for the quarter. We anticipate the COVID-19 impact to be significantly greater in the second quarter with a lessening of the impact going forward dependent upon the timing and particulars of any economic re-opening. The Insight acquisition contributed 110 bp of…






Click here to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Tuesday, May 5, 2020

ACCO Brands Corporation (ACCO)

1Q20 Met Expectations in Spite of COVID-19

ACCO Brands Corporation designs, manufactures, sources, markets, and sells office products, academic supplies, and calendar products primarily in the United States, Canada, Northern Europe, Brazil, Australia, and Mexico. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company offers office products, such as stapling, binding and laminating equipment, and related consumable supplies, as well as shredders and whiteboards; and academic products, including notebooks, folders, decorative calendars, and stationery products. It also provides private label products, as well as business machine maintenance and repair services. The company offers its business, academic, and calendar product lines under the Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra, Wilson Jones, and other brand names. In addition, it designs, sources, distributes, markets, and sells accessories for laptop and desktop computers, and tablets comprising security products; input devices, such as presenters, mice, and trackballs; ergonomic aids, including foot and wrist rests; docking stations; and other personal computers and tablet accessories under the Kensington, Microsaver, and ClickSafe brand names. The company sells its products to consumers and commercial end-users primarily through resellers, including traditional office supply resellers, wholesalers, mass merchandisers, and retailers, as well as directly to consumers through on-line and direct mail. ACCO Brands Corporation is headquartered in Lake Zurich, Illinois.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

1Q20 Results. Sales decreased 2.5% to $384.1 million in the quarter while net income was $8.0 million or $0.08 per share. We were at $397 million and $0.07, respectively. Consensus was $396 million and $0.09. Adjusted EPS was $0.07. Notably, North American sales rose 4.6%, with comp sales up 4.7%, but EMEA was down 13%, with comp sales off 10.1%. International sales were up 2.1% due to the Foroni acquisition but down 7.5% on a comp basis.


COVID Response. ACCO has taken steps to combat the impact of the crisis. New cost reduction actions are expected to reduce expenses by approximately $20 million in the second quarter. The Company’s balance sheet remains strong, liquidity is good and there are no debt maturities until 2024. ACCO amended its debt maintenance covenant to provide…







Click here to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Tuesday, May 5, 2020

Kelly Services Inc. (KELYA)

Reports First Quarter Results. What Will COVID-19 Impact Be?

Kelly Services Inc is a provider of workforce solutions and consulting and staffing services. The company’s operations are divided into three business segments namely Americas Staffing, Global Talent Solutions (“GTS”) and International Staffing. It provides staffing solutions through its branch networks in Americas and International operations and also provides a suite of innovative talent fulfilment and outcome-based solutions through GTS segment. Americas Staffing generates maximum revenue from its operations.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

1Q20 Results. Kelly Services reported revenue of $1.26 billion for the first quarter, down 8.8%, year-over-year. Reported net loss was $153.2 million or $3.91 per share. Included in the net loss is a $147.7 million impairment charge, a $77.8 million loss on Persol investment, $8.7 million of restructuring charges, and a $32.1 million gain from the HQ sale. Adjusted EPS came in at $0.20 versus an adjusted $0.45 in the prior year period.


COVID-19 Impact. During the quarter, management estimates COVID-19 accounted for 270 basis points of the year-over-year decline in revenue for the quarter. We anticipate the COVID-19 impact to be significantly greater in the second quarter with a lessening of the impact going forward dependent upon the timing and particulars of any economic re-opening. The Insight acquisition contributed 110 bp of…






Click here to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Tuesday, May 5, 2020

ACCO Brands Corporation (ACCO)

1Q20 Met Expectations in Spite of COVID-19

ACCO Brands Corporation designs, manufactures, sources, markets, and sells office products, academic supplies, and calendar products primarily in the United States, Canada, Northern Europe, Brazil, Australia, and Mexico. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company offers office products, such as stapling, binding and laminating equipment, and related consumable supplies, as well as shredders and whiteboards; and academic products, including notebooks, folders, decorative calendars, and stationery products. It also provides private label products, as well as business machine maintenance and repair services. The company offers its business, academic, and calendar product lines under the Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra, Wilson Jones, and other brand names. In addition, it designs, sources, distributes, markets, and sells accessories for laptop and desktop computers, and tablets comprising security products; input devices, such as presenters, mice, and trackballs; ergonomic aids, including foot and wrist rests; docking stations; and other personal computers and tablet accessories under the Kensington, Microsaver, and ClickSafe brand names. The company sells its products to consumers and commercial end-users primarily through resellers, including traditional office supply resellers, wholesalers, mass merchandisers, and retailers, as well as directly to consumers through on-line and direct mail. ACCO Brands Corporation is headquartered in Lake Zurich, Illinois.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

1Q20 Results. Sales decreased 2.5% to $384.1 million in the quarter while net income was $8.0 million or $0.08 per share. We were at $397 million and $0.07, respectively. Consensus was $396 million and $0.09. Adjusted EPS was $0.07. Notably, North American sales rose 4.6%, with comp sales up 4.7%, but EMEA was down 13%, with comp sales off 10.1%. International sales were up 2.1% due to the Foroni acquisition but down 7.5% on a comp basis.


COVID Response. ACCO has taken steps to combat the impact of the crisis. New cost reduction actions are expected to reduce expenses by approximately $20 million in the second quarter. The Company’s balance sheet remains strong, liquidity is good and there are no debt maturities until 2024. ACCO amended its debt maintenance covenant to provide…







Click here to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Thursday, April 23, 2020

Energy Services of America (ESOA)

Positive Developments Amidst COVID-19 Uncertainty

Energy Services of America Corporation is engaged in providing contracting services for energy-related companies. The company is primarily engaged in the construction, replacement, and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. It services the gas, petroleum, power, chemical and automotive industries, and does incidental work such as water and sewer projects. Energy Service’s other services include liquid pipeline construction, pump station construction, production facility construction, water and sewer pipeline installations, various maintenance and repair services and other services related to pipeline construction.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New addition to management. Charles Austin was recently appointed as President of C.J. Hughes, the largest subsidiary. With 40 years of experience in the natural gas and underground utility industries, including 19 years previously with C.J. Hughes, Mr. Austin adds depth to the management team. Doug Reynolds remains President of Energy Services.


Maintaining FY2020 EBITDA of $7.1 million and Treasury PPP program accessed.  Forecasted revenue is $110.1 million, with gross margin of 10.6% and EBITDA margin of 6.4%. Energy Services applied for and received ~ $12.5 million from the Paycheck Protection Program (PPP) established by the Department of Treasury to help smaller companies retain…







Click here to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Thursday, April 23, 2020

Energy Services of America (ESOA)

Positive Developments Amidst COVID-19 Uncertainty

Energy Services of America Corporation is engaged in providing contracting services for energy-related companies. The company is primarily engaged in the construction, replacement, and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. It services the gas, petroleum, power, chemical and automotive industries, and does incidental work such as water and sewer projects. Energy Service’s other services include liquid pipeline construction, pump station construction, production facility construction, water and sewer pipeline installations, various maintenance and repair services and other services related to pipeline construction.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New addition to management. Charles Austin was recently appointed as President of C.J. Hughes, the largest subsidiary. With 40 years of experience in the natural gas and underground utility industries, including 19 years previously with C.J. Hughes, Mr. Austin adds depth to the management team. Doug Reynolds remains President of Energy Services.


Maintaining FY2020 EBITDA of $7.1 million and Treasury PPP program accessed.  Forecasted revenue is $110.1 million, with gross margin of 10.6% and EBITDA margin of 6.4%. Energy Services applied for and received ~ $12.5 million from the Paycheck Protection Program (PPP) established by the Department of Treasury to help smaller companies retain…







Click here to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.