ProFrac Holding downgraded to Neutral from Buy at Seaport Research

Seaport Research downgraded ProFrac Holding to Neutral from Buy without a price target. The analyst sates land driller and pressure pumper stocks are likely to remain range bound until at least mid-Q3. The stocks will constrained by a rebound in new well construction that was already expected to be fairly lackluster and has now had its potential upside cut off by two oil supply trends: U.S. shale’s stunning productivity/efficiency gains and OPEC’s rebuilding spare capacity cushion, the analyst tells investors in a research note.