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ProPetro (PUMP) Share Price Rises 2% Since Q3 Earnings Beat
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ProPetro Holding Corp.’s (PUMP - Free Report) stock has gone up 2% since its third-quarter earnings announcement on Nov 1.
This rise in the stock price came in after the Permian-focused equipment and service provider of the energy industry posted earnings that beat the consensus mark.
What Did ProPetro’s Earnings Unveil?
ProPetro reported third-quarter 2022 earnings per share of 38 cents, beating the Zacks Consensus Estimate of 36 cents and improving from the year-ago loss of 5 cents. The outperformance could primarily be attributed to improved pricing and increased activity in the reported quarter.
Meanwhile, revenues of $333 million underperformed the consensus mark of $339 million. However, revenues jumped 33.1% from the year-ago quarter’s sales of $250 million due to improved pricing and fleet repositioning, additional net pricing gains, a favorable job mix and strong cementing performance.
The improvement in revenues was supported by a sequential increase in revenues from the Pressure Pumping unit – the major contributor to PUMP’s sales. The segment reported revenues of $330.8 million, higher than the second-quarter figure of $309.4 million.
This oilfield service provider’s adjusted EBITDA in the third quarter amounted to $90 million, up sequentially 18.5% from $75.9 million in the last quarter. The sequential increase is primarily attributable to additional net pricing gains and continued fleet repositioning.
Moreover, ProPetro’s adjusted EBITDA for the Pressure Pumping unit in the June quarter came in at $102.5 million, which outperformed the Zacks Consensus Estimate of $92 million.
ProPetro Holding Corp. Price, Consensus and EPS Surprise
ProPetro provides hydraulic fracturing, cementing and acidizing functions through the Pressure Pumping segment. The business contributed about 99.3% to PUMP's total revenues in the quarter under review.
In particular, service revenues from this unit surged about 6.9% from last quarter’s levels to $330.8 million, attributable to augmented activity and enhanced pricing.
Costs & Financial Position
ProPetro’s total third-quarter costs and expenses were $319.4 million, up 24.7% from the prior-year quarter. The service cost was $224.1 million compared with $188.7 million in the third quarter of 2021.
The company spent $80 million on capital expenditure in the reported quarter. In the third quarter, the company booked $26 million in negative free cash flows.
As of Sep 30, the Midland, TX-based operator had approximately $43.2 million in cash and cash equivalents and no debt. ProPetro had total liquidity of $155 million at the end of September 2022.
Guidance
ProPetro’s guidance for effective utilization for the second half of 2022 is maintained in the range of 14-15 fleets.
The company’s outlook for the full-year CapEx spending expenditure is expected to be approximately $325 million, representing the midpoint of the previous $300-350 million guidance range.
The Zacks Consensus Estimate for Earthstone’s 2022 earnings is pegged at $5.58 per share, indicating an increase of about 346.4% from the year-ago earnings of $1.25.
ESTE beat the consensus mark for earnings in three of the trailing four quarters, the average being around 12.2%.
The Zacks Consensus Estimate for TotalEnergies’ 2022 earnings is pegged at $14.54 per share, up about 117.7% from the year-ago earnings of $6.68.
TTE beat the consensus estimate for earnings in three of the trailing four quarters, the average being around 10.9%.
The Zacks Consensus Estimate for Phillips’ 2022 earnings stands at $17.26 per share, which implies an increase of about 202.8% from the year-ago earnings of $5.70.
PSX beat estimates for earnings in all the trailing four quarters, the average being around 28%.
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ProPetro (PUMP) Share Price Rises 2% Since Q3 Earnings Beat
ProPetro Holding Corp.’s (PUMP - Free Report) stock has gone up 2% since its third-quarter earnings announcement on Nov 1.
This rise in the stock price came in after the Permian-focused equipment and service provider of the energy industry posted earnings that beat the consensus mark.
What Did ProPetro’s Earnings Unveil?
ProPetro reported third-quarter 2022 earnings per share of 38 cents, beating the Zacks Consensus Estimate of 36 cents and improving from the year-ago loss of 5 cents. The outperformance could primarily be attributed to improved pricing and increased activity in the reported quarter.
Meanwhile, revenues of $333 million underperformed the consensus mark of $339 million. However, revenues jumped 33.1% from the year-ago quarter’s sales of $250 million due to improved pricing and fleet repositioning, additional net pricing gains, a favorable job mix and strong cementing performance.
The improvement in revenues was supported by a sequential increase in revenues from the Pressure Pumping unit – the major contributor to PUMP’s sales. The segment reported revenues of $330.8 million, higher than the second-quarter figure of $309.4 million.
This oilfield service provider’s adjusted EBITDA in the third quarter amounted to $90 million, up sequentially 18.5% from $75.9 million in the last quarter. The sequential increase is primarily attributable to additional net pricing gains and continued fleet repositioning.
Moreover, ProPetro’s adjusted EBITDA for the Pressure Pumping unit in the June quarter came in at $102.5 million, which outperformed the Zacks Consensus Estimate of $92 million.
ProPetro Holding Corp. Price, Consensus and EPS Surprise
ProPetro Holding Corp. price-consensus-eps-surprise-chart | ProPetro Holding Corp. Quote
Pressure Pumping
ProPetro provides hydraulic fracturing, cementing and acidizing functions through the Pressure Pumping segment. The business contributed about 99.3% to PUMP's total revenues in the quarter under review.
In particular, service revenues from this unit surged about 6.9% from last quarter’s levels to $330.8 million, attributable to augmented activity and enhanced pricing.
Costs & Financial Position
ProPetro’s total third-quarter costs and expenses were $319.4 million, up 24.7% from the prior-year quarter. The service cost was $224.1 million compared with $188.7 million in the third quarter of 2021.
The company spent $80 million on capital expenditure in the reported quarter. In the third quarter, the company booked $26 million in negative free cash flows.
As of Sep 30, the Midland, TX-based operator had approximately $43.2 million in cash and cash equivalents and no debt. ProPetro had total liquidity of $155 million at the end of September 2022.
Guidance
ProPetro’s guidance for effective utilization for the second half of 2022 is maintained in the range of 14-15 fleets.
The company’s outlook for the full-year CapEx spending expenditure is expected to be approximately $325 million, representing the midpoint of the previous $300-350 million guidance range.
Zacks Rank & Other Stock Picks
ProPetro currently has a Zacks Rank #2 (Buy). Some other similar-ranked stocks from the energy space that warrant a look include Earthstone Energy , TotalEnergies (TTE - Free Report) and Phillips 66 (PSX - Free Report) . You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Earthstone’s 2022 earnings is pegged at $5.58 per share, indicating an increase of about 346.4% from the year-ago earnings of $1.25.
ESTE beat the consensus mark for earnings in three of the trailing four quarters, the average being around 12.2%.
The Zacks Consensus Estimate for TotalEnergies’ 2022 earnings is pegged at $14.54 per share, up about 117.7% from the year-ago earnings of $6.68.
TTE beat the consensus estimate for earnings in three of the trailing four quarters, the average being around 10.9%.
The Zacks Consensus Estimate for Phillips’ 2022 earnings stands at $17.26 per share, which implies an increase of about 202.8% from the year-ago earnings of $5.70.
PSX beat estimates for earnings in all the trailing four quarters, the average being around 28%.