ProFrac plunges, shares down 30% since U.S. Well Services deal
06/07/2022 17:51
** Shares of ProFrac Holding Corp PFHC.O down 12.5% at
$14.91, after falling as low as $14.20 on Weds, tracking 3% drop
in oil prices amid global recession fears O/R
** PFHC's shares hit lowest since their May debut and now
off ~30% since co on Jun 21 said it would acquire hydraulic
fracking firm U.S. Well Services Inc USWS.O in all-stock deal
urn:newsml:reuters.com:*:nL4N2Y91ZE
** Backed by billionaires Dan and Farris Wilks, PFHC sold 16
mln shares in May IPO priced at $18, and planned to use net
proceeds to fund purchase of fracking-services co FTS
International, which went bankrupt in 2020 urn:newsml:reuters.com:*:nL2N2X51AN
** All 7 analysts covering PFHC are bullish with median PT
of $29.50, per Refinitiv data
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))