ProPetro Posts 9-Cent Q3 EPS as Power Unit Buildout Continues
PUMP is trading near its 52-week low of $6.91 (7.2% above the low) on elevated volume (2.1× avg).
Summary
ProPetro reported third-quarter EPS of 9 cents, with net income of $13M and revenue up 16% to $355M, topping the IBES estimate of USD 320.8 Million. This is the first quarterly print since the July 30 10-Q, which showed a cash-rich balance sheet after a $690M convertible notes offering and heavy capex into the new power generation segment. The PROPWR power unit generated about $8M of Adjusted EBITDA in Q3, with contracted capacity at roughly 510 MW including about 230 MW under the Targa Resources agreement disclosed September 22, the growth story traders are pricing against a small-cap services base.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — ProPetro's PROPWR power unit generated about $8M of Adjusted EBITDA in Q3, with contracted capacity at roughly 510 MW including about 230 MW under the Targa agreement.
At the time of this announcement, PUMP was trading at $7.41 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $928.5M. The 52-week trading range was $6.91 to $18.50. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.