In a recent move, a substantial insider purchase was made in ProFrac Holding Corp. (NASDAQ:PFHC), an oil and gas field services company. The transaction was carried out by THRC Holdings, LP, THRC Management, LLC, and Dan Wilks, all of whom are reported to have a pecuniary interest in the shares acquired.
The purchase, which took place over two days, involved a total of 381,359 shares of Class A common stock, par value $0.01 per share. On September 5, 2024, 165,316 shares were bought at a weighted average price of $6.2 per share, and on September 6, 2024, an additional 216,043 shares were acquired at an average price of $6.21 per share. The total investment for these transactions amounted to over $2.36 million, with individual share prices ranging from $6.13 to $6.25, as detailed in the footnotes of the filing.
The reporting entities have clarified their ownership status, with THRC Holdings directly holding the securities and THRC Management, as the General Partner of THRC Holdings, having exclusive voting and investment control over the shares held. 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 to the extent of their respective pecuniary interests.
The recent insider buying activity in ProFrac Holding Corp. reflects a significant investment by the reporting owners in the company's stock, indicating a potential positive outlook on the company's future performance.
In other recent news, ProFrac Holding Corp reported a robust Q2 performance despite market challenges. The company announced revenues of $579 million and adjusted EBITDA of $136 million, marking a 23% margin. This comes after a 15% decline from the previous quarter. ProFrac has also completed the acquisition of Advanced Stimulation Technologies, a move aimed at strengthening its market position.
Despite some weaknesses in the natural gas regions, the company is optimistic about a volume recovery in the third quarter. ProFrac has generated $74 million in free cash flow and is actively exploring options to meet rising customer demand for power generation. The company has also managed to increase its market share in West Texas, a significant U.S. land market for completions.
These recent developments underline ProFrac's strategic focus on growth and operational efficiency amidst a challenging market environment. The company's efforts to optimize its fleet and mine operations, coupled with disciplined cost management, signal a commitment to value creation for stakeholders.
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