ProPetro increases share repurchase authorization to $200M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 24 2024
0mins
Should l Buy PUMP?
Source: SeekingAlpha
- ProPetro Holding Share Repurchase Program: ProPetro Holding's board approved an increase and extension of its share repurchase program to $200M.
- Stock Performance: Shares of ProPetro Holding rose 3.1% in extended trading following the announcement.
- Details of the Program: The repurchase program allows buying up to an additional $100M of common shares, totaling $200M, and extends the expiration date by one year to May 31, 2025.
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Analyst Views on PUMP
Wall Street analysts forecast PUMP stock price to rise
5 Analyst Rating
3 Buy
2 Hold
0 Sell
Moderate Buy
Current: 11.270
Low
11.00
Averages
14.40
High
20.00
Current: 11.270
Low
11.00
Averages
14.40
High
20.00
About PUMP
ProPetro Holding Corp is an integrated energy service company, which is focused on providing hydraulic fracturing, wireline, and other complementary energy and power generation services to upstream oil and gas companies engaged in the exploration and production (E&P) of North American oil and natural gas resources. Its segments include hydraulic fracturing (inclusive of acidizing and wet sand solutions), wireline, cementing and power generation services. Its hydraulic fracturing fleets range from approximately 50,000 to 80,000 HHP depending on the job design and customer demand at the wellsite. It owns and operates a fleet of mobile wireline units and other auxiliary equipment to perform well completion services. It provides cementing services for the completion of new wells and remedial work on existing wells. It has formed PROPWR to provide power generation services to oil and gas producers and for non-oil and gas applications such as general industrial projects and data centers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Legal Action Impact: A class action lawsuit targeting Solana's ecosystem has named Solana Labs and the Solana Foundation as defendants, and markets tend to react quickly to legal threats, leading investors to de-risk and exacerbating downward price pressure.
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- Legal Action Impact: A class action lawsuit targeting Solana's ecosystem has named Solana Labs and the Solana Foundation as defendants, and markets tend to react quickly to legal threats, leading investors to de-risk and exacerbating downward price pressure.
- Strong Fundamentals: Despite facing legal challenges, Solana's total value locked (TVL) in decentralized finance (DeFi) applications remains at $7.2 billion, with $13.4 billion in stablecoins, indicating ongoing economic activity and a positive long-term outlook.
- Price Forecast: Solana is expected to dip slightly in the coming months, but if legal issues do not worsen, it could recover to above $120 by year-end, with a long-term target of $200, reflecting market confidence in its potential recovery.
See More
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- Price Decline: Solana's price has plummeted nearly 40% over the past month, currently hovering around $80, which is significantly lower than its all-time highs in early 2025, creating investor uncertainty regarding its future performance.
- Legal Risks: A new class action lawsuit against Solana's Pump.fun platform alleges securities law violations, potentially forcing the closure of some key entities within its ecosystem, and the market's sensitivity to such legal threats could exacerbate downward price pressure.
- Economic Activity Support: Despite facing challenges, Solana maintains a total value locked (TVL) of $7.2 billion in decentralized finance (DeFi) applications and hosts $13.4 billion in stablecoins, indicating its continued significance in on-chain economic activities.
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See More
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- Industry Trends: The robust performance of the oil and gas equipment and services sector may signal signs of overall economic recovery, prompting investors to monitor future market dynamics for potential investment opportunities.
See More
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- Clear Use of Proceeds: The net proceeds from this offering will be utilized for general corporate purposes, including funding growth capital for additional power generation equipment, aimed at enhancing the company's operational capacity and market competitiveness.
- Strong Underwriter Lineup: Goldman Sachs serves as the lead underwriter for this offering, with Barclays, J.P. Morgan, and BofA Securities as joint book-running managers, reflecting strong market confidence and support for ProPetro.
- Expected Closing Date: The offering is anticipated to close on January 28, 2026, subject to customary closing conditions, indicating the company's active engagement in capital markets and future growth potential.
See More
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- Public Offering Initiation: ProPetro Holding has announced the commencement of an underwritten public offering of 12.5 million shares of common stock, with a par value of $0.001 per share, which is expected to provide funding for general corporate purposes.
- Clear Use of Proceeds: The net proceeds from this offering will be utilized to fund growth capital for additional power generation equipment, indicating the company's strategic intent to expand its operational capabilities and market competitiveness.
- Additional Share Option: The company expects to grant underwriters a 30-day option to purchase up to an additional 1.87 million shares of common stock, which further enhances the attractiveness of the offering in the market.
- Stock Price Impact: Following the announcement, ProPetro's stock price fell by 4.21% in after-hours trading to $10.67, reflecting a cautious market sentiment regarding the public offering.
See More
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- Poor Market Performance: As of 10:30 a.m. ET on Friday, Solana's price has declined by 11% over the past week, marking one of the largest drops among major cryptocurrencies, reflecting market concerns about its long-term prospects.
- Macro Economic Pressures: The week's decline was primarily driven by macro concerns regarding a potential U.S. takeover of Greenland, coupled with rhetoric about potential tariffs from European allies, which heightened investor anxiety and led to a sell-off in risk assets.
- Technological Advantages and Challenges: While Solana boasts advantages in speed and low transaction costs within the smart contract layer-1 network, it faces challenges including a class action lawsuit related to the Pump.fun meme coin, negatively impacting multiple entities within the Solana ecosystem.
- Lack of Positive Catalysts: Although there were reports that stocks like Nvidia and Microsoft could be traded on Solana via Ondo Finance, this positive news was overshadowed by negative developments, indicating that market confidence in Solana remains fragile.
See More
