Which Way Will US Well Services, Inc. (NASDAQ:USWS) Swing?

USWS reported first-quarter results and has been trading higher.

Market Action

As of 12:40 USWS is trading at .9367 up .1536 gaining 19% on the day. USWS opened at .82 and has traded in a range between .803 and .977. Volume is 3.7 million shares, almost double its 30-day average already in the morning session. Investors seem to be excited about today’s news.

USWS Reports Earnings

USWS today reported first quarter 2021 financial and operational results. Here are the highlights.

• USWS is the largest owner of e-frac spreads in the USA and this technology seems likely to gain a significant share of the fracking market in the future.
• Averaged 8.8 fully-utilized fleets compared to 5.3 fully-utilized fleets,
• Total revenue of $76.3 million compared to $48.1 million

Joel Broussard, U.S. Well Services’ President and CEO commented “Our operations in Texas were impacted by the severe winter storm in February that resulted in an average of seven days of lost work for seven of our active fleets.  In spite of these challenges, our team performed exceptionally, delivering best-in-class service for our customers.”

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