Shares of ProPetro Holding Corp. (NYSE: PUMP) plummeted by 5.14% on Thursday, November 1st, after the oilfield services company reported weaker-than-expected results for the third quarter of 2024.
ProPetro's Q3 revenue declined by 15% year-over-year to $360.9 million, missing analysts' estimates by 1.5%. The company also reported a net loss of $137.1 million, or $1.32 per share, compared to a profit of $34.8 million, or $0.31 per share, in the same period last year.
The disappointing results weighed heavily on investor sentiment, with ProPetro's stock price dropping 11% from a week ago. The company's revenue growth forecast of 3.2% per annum for the next three years also lagged behind the industry average of 5.6%, further dampening the outlook.
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