Shares of oilfield services provider ProPetro Holding (NYSE:PUMP) rose sharply in premarket trading on Tuesday, climbing 7.6% to $5.67, following the release of first-quarter results that surpassed analyst expectations.
The company reported Q1 revenue of $359.4 million, beating LSEG estimates of $342.6 million.
This performance was attributed to strong utilization and resilient pricing across all service lines.
ProPetro also posted adjusted EBITDA of $72.7 million, exceeding estimates of $61.8 million, and reported earnings per share of 9 cents, compared to the estimated 6 cents per share.
Looking ahead, the company expects to operate 13 to 14 active hydraulic fracturing fleets in the second quarter of 2025.
Commenting on the outlook, Stifel analyst Stephen Gengaro noted, "PUMP's decision to potentially sideline some fleets in 2Q highlights its emphasis on protecting assets rather than conceding on price to boost utilization."
Despite the strong quarterly performance and premarket gain, the stock remains down approximately 44% year-to-date as of its last close.