Mammoth Energy (TUSK) stock surges on EV charging station contract

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 Mammoth Energy (TUSK) stock surges on EV charging station contract
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Highlights

  • Mammoth Energy Services, Inc. (NASDAQ: TUSK) stock jumped on getting a multi-year EV charging station contract.
  • The stock rose 23% in premarket on Friday.
  • However, the stock was down about 50% year-to-date but gained 1% in one year. 

Mammoth Energy Services, Inc. (NASDAQ: TUSK) stock jumped more than 23.08% in the premarket session on Friday after bagging a lucrative multi-year EV charging station contract.

The TUSK stock was up 23.08% to US$2.72 at 8:25 am ET.

On Nov 18, the company announced that its wholly-owned subsidiary Aquawolf LLC secured a multi-year electric vehicle charging station engineering contract from a major utility firm to support their clean transport initiative.

Its Denver-based subsidiary will provide engineering and design services to build charging station infrastructure for electric vehicles.  The stock rallied on Friday following the aftermarket announcement a day earlier.

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Under the contract, Aquawolf will supervise the subcontractors for the structural, civil engineering, electrical distribution design, and drafting, mapping, permitting, etc.  

The US$5-million contract will run till 2024.

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(Mammoth Energy Services, Inc. Common Stock (NASDAQ: TUSK)

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Mammoth Energy’s Business

The Oklahoma-based Mammoth Energy is an integrated energy company engaged in the exploration and development of onshore oil & natural gas reserves in North America.

The company provides construction and electric grid repair for the public investor-owned utilities, co-operative utilities, and private utilities. Its operating segments are infrastructure, well completion, drilling, sand, etc. It brought its IPO in 2016.

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For the September quarter of 2021, it earned revenue of US$57.48 million, while the operating loss was US$57.6 million. Founded in 2014, the company has a current market cap of US$103 million. Its stock traded in the range of US$7.27 to US$1.92 in the last 52 weeks.

The stock closed on Nov 18 at US$2.21, down 9.43%.

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Bottomline

The government has US$7.5 billion to develop 500,000 electric vehicle charging stations and distribution networks across the US as part of its latest infrastructure spending budget. The government’s push for the EV industry is amid at combatting vehicular pollution and global warming. However, investors must analyze the companies carefully before investing in stocks.

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