Why Did Nine Energy (NINE) Shares Jump Nearly 29% After Hours?

Nine Energy Service Inc. (NYSE:NINE) jumped 28.64% in after-hours trading on Wednesday, reaching $0.47. Check out the current price of NINE stock here. The surge came after the Houston-based company released its 2024 Sustainability Report. 2024 Sustainability Report Nine Energy released its second annual Sustainability Report on Sunday, detailing progress across safety, environmental data management and governance practices throughout 2024. Ann Fox, president and CEO of NINE, said in the report, “Last year, we focused on developing a strategic roadmap and underlying framework for refining the quality, broadening the scope and streamlining the collection of our data regarding the key Environmental, Social and Governance (ESG) issues crucial to our company and stakeholders.” See Also: Medline (MDLN) Stock Falls In After-Hours Trading Following 41% IPO Surge Fox added that the onshore oil and gas services company tracks water management, employee health and safety, waste and chemical management, Scope 1 and 2 greenhouse gas emissions, supply chain management, and corporate ethics. The company’s second annual Sustainability Report serves as an update to its inaugural report published in 2023. Nine Energy operates four state-of-the-art laboratories that run 24/7. Trading Metrics The stock has experienced a significant decline over the past 12 months, down 60.11%, highlighting a persistent bearish trend and the need for caution. Nine Energy has a market capitalization of $15.75 million, with a 52-week trading range between $0.29 and $1.78. Currently, the stock sits around 5.4% of its 52-week range, indicating it is much closer to its lows than its highs. This suggests limited upside potential unless a strong reversal occurs. The Relative Strength Index is currently at 40.38, which is considered neutral. Price Action: According to Benzinga Pro data, NINE closed on Wednesday at $0.37, up 15.88%. Benzinga's Edge Stock Rankings indicates NINE stock has a negative price trend across all time frames. Here is how the stock fares on other parameters. Read Next: What Sparked Sable Offshore's (SOC) 68% After-Hours Stock Surge? Photo Courtesy: boyphare on Shutterstock.com Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.