In a recent move, a significant insider was bought out in ProFrac Holding Corp. (NASDAQ:PFHC), an oil and gas field services company. The deal was brokered by THRC Holdings, LP, THRC Management, LLC and Dan Wilks, all of whom reportedly have a cash stake in the stock being acquired.
A total of 381,359 shares of Class A common stock with a par value of $0.01 per share participated in the two-day purchase. On September 5, 2024, 165,316 shares were purchased at a weighted average price of $6.2 per share, and on September 6, 2024, an additional 216,043 shares were purchased at a weighted average price of $6.21 per share. The total investment for these transactions was more than 2.36 million US dollars, and the prices of individual shares varied between 6.13 and 6.25 US dollars.
The reporting entities have clarified their ownership status with THRC Holdings, which directly owns the securities, and THRC Management, as the General Partner of THRC Holdings. Dan Wilks, as the sole manager of THRC Management, may be deemed to exercise voting and investment power over the shares. However, each reporting entity has disclaimed beneficial ownership of the securities except for its respective material interests.
Recent insider buying activity at ProFrac Holding Corp. reflects significant investment in the company’s stock by reporting owners, indicating a potentially positive outlook for the company’s future performance.
In other recent news, ProFrac Holding Corp reported a strong Q2 performance despite market challenges. The company posted revenue of $579 million and recorded EBITDA of $136 million, a margin of 23%. This follows a 15% decline compared to the previous quarter. ProFrac also completed the acquisition of Advanced Stimulation Technologies, which aims to strengthen its position in the market.
Despite some weakness in the regions, the company is optimistic about volume recovery in the third quarter. ProFrac has generated $74 million in free cash flow and is actively exploring options to meet growing customer demand for power generation. The company also managed to increase market share in West Texas, an important US land market for completions.
These recent developments underscore ProFrac’s strategic focus on growth and operational efficiency in a challenging market environment. The company’s efforts to optimize its fleet and mining operations, coupled with disciplined cost management, demonstrate a commitment to creating value for stakeholders.
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