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Energy Services of America (OTC:ESOA) Corporation (NASDAQ:ESOA), a $164.5 million market cap company trading at an attractive P/E ratio of 9.04, declared a quarterly cash dividend of $0.03 per common share, according to a press release statement included in a filing with the Securities and Exchange Commission. InvestingPro data shows the company maintains a 1.22% dividend yield.
The dividend was approved on June 18 and is payable on July 15 to shareholders of record as of the close of business on July 3. Energy Services of America is incorporated in Delaware and its common stock is listed on the Nasdaq Stock Market.
This information is based on a press release statement contained in the company's SEC filing Monday.
In other recent news, Lake Street Capital Markets initiated coverage on Energy Services of America Corp., assigning a Buy rating with a price target of $21. The firm highlighted the company's successful turnaround and diversification into higher-margin, less cyclical sectors as key reasons for their positive outlook. Energy Services of America has improved its operating margins and free cash flow, with the acquisition of Tribute Contracting expected to enhance its presence in the water vertical. This acquisition is seen as a strategic move into an attractive market. Lake Street noted that the company's valuation is lower than its peers, suggesting potential for growth as margins and revenue improve. Analysts anticipate that secular trends, such as infrastructure replacement and reshoring, will boost construction activity in key regions. Lake Street projects annual revenues between $650 million and $700 million, with EBITDA margins of 8.5% to 9%, potentially leading to an EBITDA of $55 million to $60 million. The current price target reflects a 9.8x EV/EBITDA multiple, consistent with industry averages.
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