10 Best Oilfield Services Stocks to Buy Now

3. ProFrac Holding Corp. (NASDAQ:ACDC)

Hedge Funds Holding Stakes: 14

Stock Upside Potential as of 12/08/2024: 58.93%

ProFrac Holding Corp. (NASDAQ:ACDC) is one of the best oilfield service stocks to buy now, and it operates as a technology-focused energy service company. It provides hydraulic fracturing well stimulation, additional completion services, and related products and services to upstream oil and natural gas firms. ProFrac Holding Corp. (NASDAQ:ACDC) also produces and distributes powerful pumps, valves, pipes, swivels, large-diameter manifold systems, and fluid additives.

The company delivered a disappointing second-quarter earnings report. Revenues in the quarter totaled $579.4 million, down from $581.5 million delivered a year ago. ProFrac Holding Corp. (NASDAQ:ACDC) also plunged into a net loss of $15.6 million compared to a net income of $3 million for the same quarter last year.

Despite challenges, ProFrac Holding Corp. (NASDAQ:ACDC) achieved record pump hours and efficiencies in Q2 while upgrading its fleet with electric and Tier 4 dual fuel systems. The company continues to receive high demand for these technologies, supported by its vertical integration. In the Stimulation Services segment, steady pricing and superior cost structure are expected to improve profitability, with 70% of active fleets now including e-fleet or natural gas-capable equipment.

Analysts on Wall Street rate the oilfield services company as a Buy with a $9.17 price target, implying a 58.93% upside potential from current levels. Based on the Insider Monkey database, the number of hedge funds with stakes in ProFrac Holding Corp. (NASDAQ:ACDC) dropped to 14 by the end of the second quarter of 2024, from 16 at the end of the first quarter.