Long Position on PUMP @ $19.50 on 1/29/2018 (Momentum)

ProPetro Holding Corp. (PUMP) provides oilfield services.

The company offers hydraulic fracturing and other complementary services, including cementing, acidizing, coiled tubing, flowback, and surface air drilling services to upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources in the Permian Basin.

Its fleet consists of 10 hydraulic fracturing units. 

Two quarters ago, PUMP was expected to post 4 cents per share, while it actually produced 6 cents per share, a beat of 50%. Meanwhile, for the most recent quarter, the company looked to deliver 20 cents per share, when it actually saw 25 cents per share instead, representing a 25% positive surprise.

Shares are heading higher in an upward trading channel. The lower boundary of the said channel coincides with the stock's 50-day moving average. We expect shares to see a minor pullback before heading higher. Higher share prices are expected for this stock.

52-Weeks Trading Range: $10.84 - $22.88

Entry Point: $19.50

Stop Loss: $18.52

Target Price: $21.45

Updates

2/13/2018 10:31:48 AM

PUMP closed at $15.50

Position closed on 2/13/2018 at price of $15.50 with a -20.51% loss in 15 days.

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