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    Charles Minervino

    Research Analyst at Susquehanna International Group

    Charles Minervino is an Equity Research Analyst at Susquehanna International Group, specializing in coverage of the Industrials, Energy, and Basic Materials sectors. He tracks 28 companies including MRC Global, Baker Hughes (BKR), and Virgin Galactic (SPCE), and has published 809 price targets with a documented price target met ratio of 61.57% and an average upside of 22.16%. His most profitable recommendation delivered a 133.90% return on HP stock in 2020, and he is ranked as a 3.24-star Wall Street analyst by TipRanks, with a strong history of actionable insight. Minervino began his analyst career at Goldman Sachs before joining Susquehanna in May 2009, is a Princeton University graduate, and is assumed to hold standard FINRA securities licenses as part of his current role.

    Charles Minervino's questions to OIL STATES INTERNATIONAL (OIS) leadership

    Charles Minervino's questions to OIL STATES INTERNATIONAL (OIS) leadership • Q2 2025

    Question

    Charles Minervino of Susquehanna International Group asked about the drivers for the implied Q4 step-up in revenue and EBITDA from the full-year guidance, and what caused the revenue decline in the Completion and Production segment given its small U.S. land exposure.

    Answer

    President & CEO Cindy Taylor attributed the expected Q4 step-up to the Offshore Manufactured Products segment converting its strong backlog, which has a 1.2x year-to-date book-to-bill ratio. She explained the revenue decline in the Completion and Production segment was a direct result of the company's ongoing strategy to exit commoditized, low-margin product lines and regional operations, a move that improves profitability and cash flow despite lowering revenue.

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    Charles Minervino's questions to RPC (RES) leadership

    Charles Minervino's questions to RPC (RES) leadership • Q2 2025

    Question

    Charles Minervino from Susquehanna International Group asked for a segment outlook for the second half of the year, particularly for the pressure pumping business. He also inquired about the free cash flow outlook for the back half of the year and how increasing pricing pressure in the wireline segment might impact Q3 and Q4 results.

    Answer

    President & CEO Ben Palmer explained that for pressure pumping, a shift to dedicated customers should provide more calendar certainty and potentially minimize typical seasonality, offering an opportunity for sequential improvement. He also noted that second-half free cash flow should be better than the first half, which was negatively impacted by a large customer prepayment from Q4 2024. CFO Michael Schmit and Mr. Palmer both addressed wireline, attributing pricing pressure to the challenging Permian market but affirming that the Pintail acquisition remains accretive with a strong market position and a focus on cost management.

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    Charles Minervino's questions to MRC GLOBAL (MRC) leadership

    Charles Minervino's questions to MRC GLOBAL (MRC) leadership • Q1 2025

    Question

    Charles Minervino of Susquehanna Financial Group sought more detail on the significant Gas Utilities backlog growth in April, asking if it was seasonal or driven by other factors and if the backlog would continue to build. He also inquired about the margin profile of the Gas Utilities business and the specific drivers behind the 16% backlog increase in the DIET sector.

    Answer

    CEO Rob Saltiel attributed the Gas Utilities backlog growth to typical seasonal construction preparation and a broader build-out of natural gas infrastructure, rather than tariffs. He clarified that while the sector's gross margin is at or slightly below the company average, its net margin is higher due to scale benefits. Regarding the DIET sector, CFO Kelly Youngblood and CEO Rob Saltiel explained the backlog growth was primarily driven by refining and chemical project activity, new customer acquisitions in chemicals, and a strategic growth initiative in the mining sector.

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    Charles Minervino's questions to DNOW (DNOW) leadership

    Charles Minervino's questions to DNOW (DNOW) leadership • Q1 2025

    Question

    Charles Minervino from Susquehanna Financial Group asked for an updated outlook on geographic revenue growth for the full year, seeking details on the U.S., Canada, and International segments. He also requested more information on the new acquisition in Singapore and clarification on a large, non-recurring project from the first quarter.

    Answer

    CEO David Cherechinsky stated that the U.S. will be the primary growth driver, benefiting from strong midstream activity, tariff impacts, and the Trojan acquisition. He expects International revenue to be flat year-over-year and Canadian revenue to follow seasonal patterns. Regarding the acquisition, Cherechinsky and executive Brad Wise described it as a small but strategic addition to the MacLean International electrical business in Singapore. Cherechinsky clarified the $15 million in non-recurring revenue was from multiple projects in Kazakhstan, a region DNOW is exiting.

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