ProPetro risk/reward looks 'very compelling' after 30% pullback, says Stifel
Stifel analyst Stephen Gengaro noted that shares of ProPetro Holding are down 29.6% over the past two days following its "lackluster" quarterly results and 10-Q delay due to an ongoing review by its audit committee. While the situation shows a lack of necessary controls, he does not believe there were "nefarious intentions," said Gengaro, who added that the amount of detail in the press release gave him the impression that the review process is close to completion and the 10-Q will be filed within 30 days. The analyst, who also thinks that Dale Redman will remain as CEO, sees the risk/reward as "very compelling" at current levels. He cut his price target on ProPetro shares to $21 from $31 but maintains a Buy rating on the stock.