ProPetro rises on flurry of bullish analyst initiations

|About: ProPetro (PUMP)|By:, SA News Editor

ProPetro (PUMP +1.3%) is higher after the oilfield services company received at least eight positive initial recommendations from sell-side analysts.

Goldman Sachs launched coverage with a Buy rating and $25 price target, seeing several catalysts including continued growth in its Permian rig count, the start-up of recently ordered fleets, customer-initiated expansion into the Delaware Basin of the Permian, superior financial execution, and the return of investor confidence in oil prices.

Credit Suisse starts coverage at Outperform and an $18 price target, noting that PUMP had the highest utilization and EBITDA margins of its peer group through the downturn, and operates 420K HP today.

Also weighing in with favorable notes are J.P. Morgan, Raymond James, Piper Jaffray, Barclays, RBC and Evercore ISI.