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ProPetro (PUMP) Soars 9.9%: Is Further Upside Left in the Stock?
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ProPetro Holding (PUMP - Free Report) shares ended the last trading session 9.9% higher at $14.39. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 12.7% gain over the past four weeks.
Shares of ProPetro Holding surged about 9.9% yesterday as rising crude prices boosted sentiment across the oilfield services sector. Oil markets rallied after fresh attacks on Middle East energy infrastructure heightened concerns over potential supply disruptions, pushing Brent Crude back above the $100-per-barrel level and lifting WTI as well. Higher oil prices typically support service providers like ProPetro. Investor confidence was also strengthened by the company’s recent quarterly results, where earnings and revenue exceeded analysts’ expectations and the firm returned to profitability after earlier losses. Combined with raised price targets by several financial institutions, the improving industry outlook helped drive strong buying interest in the stock.
This oilfield services company is expected to post quarterly loss of $0.10 per share in its upcoming report, which represents a year-over-year change of -211.1%. Revenues are expected to be $280.51 million, down 22% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For ProPetro, the consensus EPS estimate for the quarter has been revised 36.7% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on PUMP going forward to see if this recent jump can turn into more strength down the road.
ProPetro is a member of the Zacks Oil and Gas - Field Services industry. One other stock in the same industry, Core Laboratories (CLB - Free Report) , finished the last trading session 3.2% lower at $15.9. CLB has returned -13.3% over the past month.
Core Laboratories' consensus EPS estimate for the upcoming report has changed +38.5% over the past month to $0.18. Compared to the company's year-ago EPS, this represents a change of +28.6%. Core Laboratories currently boasts a Zacks Rank of #3 (Hold).
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ProPetro (PUMP) Soars 9.9%: Is Further Upside Left in the Stock?
ProPetro Holding (PUMP - Free Report) shares ended the last trading session 9.9% higher at $14.39. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 12.7% gain over the past four weeks.
Shares of ProPetro Holding surged about 9.9% yesterday as rising crude prices boosted sentiment across the oilfield services sector. Oil markets rallied after fresh attacks on Middle East energy infrastructure heightened concerns over potential supply disruptions, pushing Brent Crude back above the $100-per-barrel level and lifting WTI as well. Higher oil prices typically support service providers like ProPetro. Investor confidence was also strengthened by the company’s recent quarterly results, where earnings and revenue exceeded analysts’ expectations and the firm returned to profitability after earlier losses. Combined with raised price targets by several financial institutions, the improving industry outlook helped drive strong buying interest in the stock.
This oilfield services company is expected to post quarterly loss of $0.10 per share in its upcoming report, which represents a year-over-year change of -211.1%. Revenues are expected to be $280.51 million, down 22% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For ProPetro, the consensus EPS estimate for the quarter has been revised 36.7% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on PUMP going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
ProPetro is a member of the Zacks Oil and Gas - Field Services industry. One other stock in the same industry, Core Laboratories (CLB - Free Report) , finished the last trading session 3.2% lower at $15.9. CLB has returned -13.3% over the past month.
Core Laboratories' consensus EPS estimate for the upcoming report has changed +38.5% over the past month to $0.18. Compared to the company's year-ago EPS, this represents a change of +28.6%. Core Laboratories currently boasts a Zacks Rank of #3 (Hold).