Citi analyst Scott Gruber downgraded ProPetro Holding to Neutral from Buy. Given the risk of negative revisions, compressed multiples appear appropriate for U.S. oil & gas equipment and services stocks, Gruber argues. Upside to estimates at ProPetro is diminishing as rates flatten and the company has "inferior" free cash flow when compared to peers given its fleet plans, the analyst added.
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Published first on TheFly
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