Marshall T. Reynolds, a director and significant shareholder of Energy Services of America Corp. (NASDAQ:OTC:ESOA), recently sold a substantial number of shares in the company. The stock has shown remarkable performance, gaining over 205% in the past year and trading near its 52-week high of $19.83. According to an SEC filing, Reynolds disposed of a total of 19,217 shares over two consecutive days. The sales occurred on December 18 and 19, at weighted average prices of $17.2 and $16.3 per share, respectively. The total value of the transactions amounted to $323,141. Following these sales, Reynolds holds 1,560,086 shares directly. Based on InvestingPro data, ESOA currently trades at a P/E ratio of 12.45x and maintains a GREAT financial health score, with eight additional ProTips available for subscribers analyzing insider transactions.
In other recent news, Energy Services of America Corporation has made notable strides in its operations. The company finalized its acquisition of assets from Tribute Contracting & Consultants, LLC, an underground utility contractor, for a total of $24 million, consisting of $22 million in cash and $2 million in Energy Services Common Stock. The purchase is expected to enhance Energy Services' regional market position and expand its operational capabilities. Key figures at Tribute, Todd Harrah and Tommy Enyart, will continue their roles within the newly formed subsidiary.
These recent developments also include the initiation of a quarterly cash dividend by Energy Services. The company's board of directors declared a dividend of $0.03 per common share, indicating an intention to increase the annual cash dividend from the previous year's total of $0.06 to $0.12. This move signifies the company's commitment to its shareholders.
In addition, Energy Services announced the resignation of Mr. Samuel G. Kapourales from his role as a director. The company clarified that his departure did not result from any disagreements with the company's management, and no immediate operational or strategic changes are anticipated following his departure. These updates provide investors with a glimpse into recent events at Energy Services of America Corporation.
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