ProPetro rises after launching power generation business

ProPetro Holding

10/12/2024 15:06

(Updates)
    ** Oilfield services firm ProPetro's  PUMP.N  shares rise
11.4% to $8.78
    ** Co launches unit, ProPetro Energy Solutions (ProPWR), to
provide power generation solutions
    ** PUMP says growth capital investment of ~$122 mln will be
funded through cash and external financing and expects equipment
deliveries between June 2025 and March 2026
    ** CEO Sam Sledge says new unit aims to meet growing power
demand across the Permian Basin for oil and gas
    ** Separately, ATB Capital Markets raises price target on
PUMP to $11 from $9.5; expects improving longer-term outlook for
pumpers, which supports a higher valuation
        ** "PUMP is a pure play on the Permian market, and is a
leader in next-generation fleets" - brokerage adds
  
    ** Including session's moves, stock up 0.84% YTD

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))