ProPetro Holding (PUMP - Free Report) recently announced that it signed a contract with a leading independent Permian operator for the use of its first electric-powered hydraulic fracturing fleet (e-fleet). Per the agreement, PUMP will provide committed services for three years following the delivery of the e-fleet.
The contracted equipment will be positioned primarily to support simulated fracture operations. The undisclosed operator will initially use ProPetro’s Tier IV dynamic natural gas blending dual-fuel equipment. The transition to the e-fleet in the Permian Basin is anticipated to be completed in the third quarter of 2023.
The Midland, TX-based oilfield services provider stated that it executed orders for two more electric frac fleets, with the expected delivery in the fourth quarter of 2023. The additional order brings a total of four electric frac fleets to PUMP’s hydraulic fracturing offering, advancing the firm's fleet transition to next-generation equipment.
Founded in 2005, ProPetro Holding Corp. operates primarily in the Permian Basin spread over west Texas and New Mexico. The company offers a wide spectrum of specialized, complementary services and equipment for the exploration and production of oil and natural gas. Approximately 99% of PUMP's total revenues come from the Permian Basin.
ProPetro currently carries a Zacks Rank #2 (Buy). Investors interested in the energy space might look at some other top-ranked stocks — DCP Midstream Partners , Patterson-UTI (PTEN - Free Report) and Par Pacific (PARR - Free Report) — each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for DCP’s 2022 earnings stands at $4.47 per share, which indicates an increase of about 181.1% from the year-ago loss of $1.59.
DCP beat estimates for earnings in three of the trailing four quarters, the average being around 25.5%.
The consensus estimate for Patterson’s 2022 earnings is pegged at 54 cents per share, suggesting an increase of about 128% from the year-ago loss of $1.93.
PTEN beat estimates for earnings in three of the trailing four quarters, the average being around 169.2%.
The Zacks Consensus Estimate for Par Pacific’s 2022 earnings stands at $7.84 per share, which indicates an increase of about 555.8% from the year-ago loss of $1.72.
The consensus mark for PARR’s 2022 earnings has been revised upward twice in the past 60 days from $4.90 to $7.84 per share.
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ProPetro Holding (PUMP - Free Report) recently announced that it signed a contract with a leading independent Permian operator for the use of its first electric-powered hydraulic fracturing fleet (e-fleet). Per the agreement, PUMP will provide committed services for three years following the delivery of the e-fleet.
The contracted equipment will be positioned primarily to support simulated fracture operations. The undisclosed operator will initially use ProPetro’s Tier IV dynamic natural gas blending dual-fuel equipment. The transition to the e-fleet in the Permian Basin is anticipated to be completed in the third quarter of 2023.
The Midland, TX-based oilfield services provider stated that it executed orders for two more electric frac fleets, with the expected delivery in the fourth quarter of 2023. The additional order brings a total of four electric frac fleets to PUMP’s hydraulic fracturing offering, advancing the firm's fleet transition to next-generation equipment.
Founded in 2005, ProPetro Holding Corp. operates primarily in the Permian Basin spread over west Texas and New Mexico. The company offers a wide spectrum of specialized, complementary services and equipment for the exploration and production of oil and natural gas. Approximately 99% of PUMP's total revenues come from the Permian Basin.
ProPetro currently carries a Zacks Rank #2 (Buy). Investors interested in the energy space might look at some other top-ranked stocks — DCP Midstream Partners , Patterson-UTI (PTEN - Free Report) and Par Pacific (PARR - Free Report) — each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for DCP’s 2022 earnings stands at $4.47 per share, which indicates an increase of about 181.1% from the year-ago loss of $1.59.
DCP beat estimates for earnings in three of the trailing four quarters, the average being around 25.5%.
The consensus estimate for Patterson’s 2022 earnings is pegged at 54 cents per share, suggesting an increase of about 128% from the year-ago loss of $1.93.
PTEN beat estimates for earnings in three of the trailing four quarters, the average being around 169.2%.
The Zacks Consensus Estimate for Par Pacific’s 2022 earnings stands at $7.84 per share, which indicates an increase of about 555.8% from the year-ago loss of $1.72.
The consensus mark for PARR’s 2022 earnings has been revised upward twice in the past 60 days from $4.90 to $7.84 per share.
Just Released: Zacks Top 10 Stocks for 2024
Hurry – you can still get in early on our 10 top tickers for 2024. Hand-picked by Zacks Director of Research, Sheraz Mian, this portfolio has been stunningly and consistently successful. From inception in 2012 through November, 2023, the Zacks Top 10 Stocks gained +974.1%, nearly TRIPLING the S&P 500’s +340.1%. Sheraz has combed through 4,400 companies covered by the Zacks Rank and handpicked the best 10 to buy and hold in 2024. You can still be among the first to see these just-released stocks with enormous potential.
See New Top 10 Stocks >>
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