Stifel Nicolaus analyst Stephen Gengaro maintained a Buy rating on ProFrac Holding (ACDC – Research Report) yesterday and set a price target of $15.00. The company’s shares closed yesterday at $10.37.
Gengaro covers the Energy sector, focusing on stocks such as Cactus, ProFrac Holding, and Smart Sand. According to TipRanks, Gengaro has an average return of 8.2% and a 48.99% success rate on recommended stocks.
ProFrac Holding has an analyst consensus of Strong Buy, with a price target consensus of $15.75, which is a 51.88% upside from current levels. In a report released on August 14, Piper Sandler also assigned a Buy rating to the stock with a $16.00 price target.
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Based on ProFrac Holding’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $709.2 million and a GAAP net loss of $2.9 million. In comparison, last year the company earned a revenue of $589.84 million and had a GAAP net loss of $9.34 million
Based on the recent corporate insider activity of 42 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ACDC in relation to earlier this year.
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ProFrac Holding Corp is engaged in providing hydraulic fracturing, completion services, and other complementary products and services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. Its operations are primarily focused in West Texas, East Texas/Louisiana, South Texas, Oklahoma, Uinta, and Appalachian. The company operates in three segments: stimulation services, manufacturing, and proppant production. Stimulation services, which generate the majority of the revenue for the company operate a fleet of mobile hydraulic fracturing units and other auxiliary equipment that generates revenue by providing stimulation services.
Read More on ACDC:
- ProFrac Holding reports Q2 EPS (2c), consensus 27c
- ProFrac Holding Corp. Reports Second Quarter 2023 Financial and Operational Results
- ProFrac Holding files $750M mixed securities shelf
- ProFrac Holding price target lowered to $18 from $22 at Stifel
- This Top Insider Remains Bullish on ProFrac (NASDAQ:ACDC) Stock
