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By Ben Glickman
Shares of Mammoth Energy Services slid Friday after the company swung to a loss on weaker oil and gas demand.
The stock was down 22% at $4.31 in afternoon trading. Shares have fallen 50% this year.
The Oklahoma City-based company, which provides electric grid infrastructure support and oil and natural gas exploration services, reported a second-quarter loss of $4.47 million, or 9 cents a share, compared with a profit of $1.7 million, or 4 cents a share, a year earlier.
Revenue fell 16% from a year ago to $75.4 million. The company said that weak demand for oil and gas weighed on its fracking business in the quarter.
Chief Executive Arty Straehla said that the company is expecting the second half of the year to remain challenging.
Write to Ben Glickman at [email protected]
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