ProPetro Holding Corp. (PUMP) Stock Price & How to Invest

ProPetro Holding Corp. (NYSE: PUMP) provides completion services to oil and gas producers, almost entirely in the Permian Basin of West Texas and New Mexico. Its largest segment is hydraulic fracturing, which brought in ~$207M of the ~$306M total revenue in the second quarter of 2026, followed by wireline (~$58M) and cementing (~$32M). The frac business is paid per stage completed, so revenue rises and falls with how many fleets are working and what customers pay for them. ProPetro has spent several years converting its fleet toward natural gas burning equipment, including five leased FORCE electric fleets and Tier IV dual-fuel units, which cost customers less to fuel than diesel. Its fourth segment, Power Generation, operates as PROPWR: the company buys natural gas generator sets, largely from Caterpillar, and sells behind-the-meter electricity under multi-year contracts.

Second-quarter 2026 revenue rose 13% from the first quarter but was ~6% below the ~$326M of a year earlier. The company posted a net loss of ~$8M (~-$0.07 per share) and adjusted EBITDA of ~$45M, about 15% of revenue, after a fleet startup, an out-of-basin job with heavy downtime and June storms. The completions business still produced ~$51M of free cash flow. PROPWR revenue was only ~$9M with a small segment EBITDA loss, though management said it turned EBITDA positive in May and June. Contracted power capacity climbed from ~240 MW to ~350 MW during the quarter and then to ~510 MW in September, when ProPetro signed ~230 MW of long-term contracts with a subsidiary of Targa Resources and released some earlier oil and gas capacity.

The investment debate is whether PROPWR can grow into a business worth more than the whole company's current value of ~$949M. ProPetro has raised ~$1.5B over 18 months, including a January 2026 share sale at $10 and $690M of 0% convertible notes due 2031, and it held ~$784M of cash at June 30. Against that, the frac market is cyclical, its XTO (ExxonMobil) frac agreement is expected to lapse in late 2026, and the shares have fallen from a 52-week high of $18.50 to ~$7.73 as analysts trimmed price targets through August, September and October.

The completions business is exposed to oil prices, E&P budgets and Permian activity, and ProPetro has said it does not expect its XTO frac agreement, which covers two committed FORCE electric fleets, to be renewed when it expires in late 2026. ExxonMobil revenue fell to ~$39M in the second quarter from ~$71M a year earlier, and ExxonMobil sold its entire ProPetro stake in May 2026. If those fleets cannot be redeployed at similar pricing, frac earnings fall while power spending stays high. PROPWR is still small, with ~$9M of quarterly revenue, so most of its value depends on equipment arriving on time, deploying without cost overruns and running reliably for customers. Some previously announced oil and gas capacity is no longer under contract, which shows that megawatt totals can move in both directions. Funding has already diluted holders through 17.25M new shares in January 2026, and the convertible notes could add shares above ~$29.49 after capped calls. The company reported net losses in both 2026 quarters, and its chief accounting officer is leaving effective October 30, 2026.

13 analysts publish price targets on PUMP, averaging $16.00 against a $7.73 price as of October 2026, or +107.0%. The published targets run from $11.00 to $21.00, a moderate spread, and the ratings split 9 buy, 5 hold, 0 sell. Over the last six months there have been 2 raises and 8 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full PUMP forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on ProPetro Holding Corp.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. PROPWR contracts and deployment. Contracted capacity is the single number investors watch most. The most optimistic published target, $21.00, assumes this works close to its best case.

The case against. The completions business is exposed to oil prices, E&P budgets and Permian activity, and ProPetro has said it does not expect its XTO frac agreement, which covers two committed FORCE electric fleets, to be renewed when it expires in late 2026. The most pessimistic target, $11.00, is roughly what PUMP is worth if this bites instead.

Read the full bull and bear case on PUMP, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see ProPetro Holding Corp.'s investor relations page or your broker.

• Revenue (TTM): ~$1.16B (Q2 2026 ~$306M, up ~13% vs Q1, down ~6% vs Q2 2025)
• Adjusted EBITDA (Q2 2026): ~$45M (~15% margin), up ~23% vs Q1
• Net income: Q2 2026 ~-$8M (~-$0.07 per share); TTM ~-$13M
• Market cap: ~$949M (~$7.73 per share, October 16, 2026 close; ~123M shares)
• Cash and liquidity (June 30, 2026): ~$784M cash, ~$905M total liquidity
• PROPWR contracted capacity: ~510 MW (after the September 2026 Targa contracts)

ProPetro is loss-making on a GAAP basis, so trailing P/E is not meaningful, and the stock trades near book value (~0.99 times). Investors tend to value the completions business on EBITDA and free cash flow and then add a view of what PROPWR could earn once its contracted megawatts are deployed, which is far ahead of today's ~$9M quarterly power revenue. Analyst targets set in September and October 2026 sit between ~$12 and ~$17.50, below the August range, with a mean of ~$16 across ~13 analysts. Third-quarter 2026 results are scheduled for October 28, 2026.

Other names that sit close to PUMP: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get PUMP exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so PUMP sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where PUMP fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

ProPetro is a cyclical Permian frac contractor funding a capital-heavy move into power generation, and the share price now depends on whether PROPWR's ~510 MW of contracts turns into durable earnings.

Whether PUMP is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is PUMP a buy or a sell?, and where the stock could go from here in the PUMP stock forecast.

For income investors, whether PUMP pays a dividend and how the payout looks is covered in does PUMP pay a dividend? And to weigh PUMP against a peer, read the full side-by-side comparisons: PUMP vs LBRT and PUMP vs PTEN.