Morgan Stanley Maintains Underweight on ProFrac Holding, Lowers Price Target to $4.5
Morgan Stanley analyst Joe Laetsch maintains ProFrac Holding (NASDAQ:ACDC) with a Underweight and lowers the price target from $5 to $4.5.
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Shares of oil and gas engineering and services companies are trading higher amid crude price gains due to continued Iranian demands over war reparations, unfreezing of sanctioned assets, and Strait of Hormuz tolling as negotiations with the U.S. may have reached an impasse.
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ProFrac Holding shares are trading lower after the company reported worse-than-expected Q2 sales results.
ProFrac Holding Q2 Sales $498.100M Miss $498.760M Estimate
ProFrac Holding (NASDAQ:ACDC) reported quarterly sales of $498.100 million which missed the analyst consensus estimate of $498.760 million by 0.13 percent. This is a 0.76 percent decrease over sales of $501.900 million
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Should You Invest in the VanEck Oil Services ETF (OIH)?
The VanEck Oil Services ETF (OIH) offers exposure to the Energy - Equipment and Services sector with a low expense ratio of 0.35% and $2.05 billion in assets. The ETF has delivered strong year-to-date performance of 53.31% and one-year returns of 73.3%, but carries high risk with a beta of 0.90 and standard deviation of 30.61%. Top holdings include Schlumberger, Baker Hughes, and TechnipFMC, with concentrated exposure across 26 holdings.