New York, May 21, 2026, 10:03 (EDT)
- NCS Multistage was last at $44.10 early in the U.S. session, moving up from its previous close of $43.68. The stock has traded between $43.65 and $44.10 so far today.
- Only about 2,120 shares traded, well under the average of 26,280 shares. That low volume made the move harder to call.
- Nasdaq traded on its usual schedule. The market’s next holiday falls on Memorial Day, May 25.
NCS Multistage Holdings, Inc. traded higher early Thursday on Nasdaq. The Houston-based oilfield-services company is lightly traded and shares often move on small volumes, especially after its weaker first-quarter report.
The stock traded at $44.10, rising about 1% from Wednesday’s close after hitting the upper end of its morning range. Market cap was around $114.6 million. Other indexes moved lower—Investing.com had the S&P 500 down 0.23% and the Nasdaq off 0.37%. WTI crude futures gained 2.21%.
NCSM shares don’t have a new company update to move on right now. Traders are left watching to see if strong U.S. completions can balance out weak Canadian results and uneven international business. The latest investor-relations filings for the company showed an April 30 10-Q, following an April 29 earnings 8-K.
NCS posted first-quarter revenue of $45.6 million, down from $50.0 million last year. The company had a net loss of $0.4 million, or 14 cents a share, reversing from net income of $4.1 million, or $1.51 a diluted share. Adjusted EBITDA dropped to $5.6 million from $8.2 million.
NCS Multistage CEO Ryan Hummer said “solid execution and momentum in the United States” helped to counter weaker North American business, Canadian job pushouts and delays overseas. Hummer said the company is “confident in our full year 2026 outlook,” even though revenue fell short of its own first-quarter forecast. GlobeNewswire
U.S. revenue jumped to $19.1 million from $9.4 million last year. Canada slid to $23.2 million compared to $37.7 million. Revenue outside North America rose to $3.3 million from $2.9 million.
Management told investors to watch for gains later this year. On the April earnings call, Hummer mentioned a major customer order for a multi-well frac systems job in the Permian and Rockies. Most revenue from that deal should come through in the fourth quarter. Hummer also noted Repeat Precision had moved from field trials to steady customer work.
Stonegate Capital Partners said Q1 came in light on Canada and international timing, but kept its view on U.S. product momentum, the ResMetrics integration, and NCS’s capital-light setup. The firm said cadence is the change: a soft Q2, then a second-half recovery.
NCS Multistage is projecting Q2 revenue between $36 million and $39 million, with adjusted EBITDA anywhere from breakeven up to $2 million. Looking ahead to 2026, the company sees revenue in the $186 million to $194 million range. Adjusted EBITDA is forecast at $26 million to $29 million, and it’s guiding to free cash flow after distributions of $11 million to $15 million. Free cash flow is what’s left after taking care of operating expenses and capital spending.
Mixed trading for oilfield services. SLB, Halliburton, and Baker Hughes ticked up just slightly at the open, setting NCSM apart in early moves that looked driven by company news, not the sector. NCS is a smaller player with its business tied to engineered equipment and services for oil and gas wells, from construction to completions and development.
Risks are still out there. Canada may stay soft if customer budgets tighten after spring breakup, when thawing cuts field work. International tracer jobs can move with project schedules. The company reported new Canadian tax reassessments, with the Canada Revenue Agency asking for about CAD $19.3 million and Alberta for CAD $7.9 million. The company added it might need to deposit half of those sums while appeals are in progress.
NCSM’s next move is all about execution rather than news flow. The company is looking for deferred Canadian work to come back, waiting on Repeat Precision orders to show up in revenue, and counting on steady demand in U.S. completions. Low trading volumes mean minor trades can shift the stock price.
