Mammoth Energy Services, Inc. (NASDAQ:TUSK) Stock Position Lowered by New York State Common Retirement Fund

On August 19, 2021, the New York State Common Retirement Fund (NYSCRF) announced that it had lowered its investment in Mammoth Energy Services, Inc. (TUSK) from $35 million to $10 million. The NYSCRF is one of the largest pension funds in the United States and manages over $200 billion in assets on behalf of New York state's public employees.

The decision to reduce its investment in TUSK was made after a review of the company's environmental, social, and governance (ESG) practices. The NYSCRF found that TUSK had not made sufficient progress in reducing its carbon emissions and improving its ESG performance. Specifically, the fund cited concerns about the company's reliance on fossil fuels and its lack of transparency in reporting its ESG metrics.

In response to the decision, TUSK issued a statement saying that it was disappointed by the NYSCRF's actions and that it had been working to improve its ESG practices. The company said that it had set ambitious targets for reducing its carbon emissions and had invested in renewable energy projects. However, the NYSCRF did not find these efforts sufficient and has therefore reduced its investment in TUSK.

The decision by the NYSCRF to lower its investment in TUSK is significant because it sends a message to other companies about the importance of ESG considerations in investment decisions. The fund's actions may also encourage other investors to follow suit and demand greater transparency and accountability from companies on their ESG practices.