What Happened?
Shares of oilfield services company ProPetro (NYSE: PUMP) jumped 10.5% in the afternoon session after crude oil prices surged following new attacks on energy infrastructure in the Middle East.
Oil prices jumped more than 9% after strikes on oil tankers heightened fears of major supply disruptions. Brent Crude futures climbed back above the $100-a-barrel mark, while West Texas Intermediate also rose sharply. The escalating geopolitical tensions rattled global energy markets, directly benefiting oil and gas companies. As an energy sector firm, ProPetro's financial outlook is closely tied to the price of oil. The significant spike in crude prices boosted the entire energy sector, as higher prices can lead to increased profits for producers and service providers. This positive sentiment followed a period of strong performance for the company, which had recently reported earnings and revenue that beat analysts' expectations.
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What Is The Market Telling Us
ProPetro’s shares are extremely volatile and have had 46 moves greater than 5% over the last year. But moves this big are rare even for ProPetro and indicate this news significantly impacted the market’s perception of the business.
ProPetro is up 45.6% since the beginning of the year, and at $14.30 per share, has set a new 52-week high. Investors who bought $1,000 worth of ProPetro’s shares 5 years ago would now be looking at an investment worth $1,126.
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