NCS Multistage Holdings Inc. (NASDAQ: NCSM) saw its shares pullback in Tuesday’s session after the company’s quiet period came to an end. NCS originally came public in its late-April initial public offering (IPO). Most analysts were fairly positive on the stock, although there was a little trepidation from one firm.

24/7 Wall St. has included some recent highlights from NCS, as well as what analysts are saying after the quiet period.

The stock entered the market on April 28 around $20 per share, despite pricing at $17 per share. Overall, there were 9.5 million shares in the offering, which raised gross proceeds over $160 million.

The underwriters for the offering were Credit Suisse, Citigroup, Wells Fargo, JPMorgan, Simmons, Raymond James, RBC Capital Markets and Tudor Pickering Holt.

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Credit Suisse started NCS as Outperform with a $27 target, calling it a differentiated play:

In a highly commoditized industry, NCSM represents a potentially disruptive technology with the best return and FCF metrics in the industry. NCSM has 26% of the entire Canadian horizontal completions market and less than 1% of U.S. market share, both of which are accelerating (first quarter revenues increased about 70% quarter over quarter, and the brokerage firm models 2017 revenues up roughly 160% year over year.) The business model is compelling, with capex being the lowest in our sector, relative to revenues or EBITDA, and returns on tangible assets over the past four years the highest in the industry.

Wells Fargo and RBS both started NCS with an Outperform rating, with a $35 target price from the former and a $29 price target from the latter. Piper Jaffray started it as Overweight, with a $28 price target.

JPMorgan was the only firm that took a sideline view of the stock, with a Neutral rating and a $24 price target.

For some background: NCS is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well completions and field development strategies. It provides products and services primarily to exploration and production companies for use in onshore wells, predominantly wells that have been drilled with horizontal laterals in unconventional oil and natural gas formations.

Shares of NCS were trading down 3.7% at $23.11 on Tuesday, with a post-IPO trading range of $19.25 to $24.45.

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