A major contract win and improving profitability may explain why one fund has made NESR its largest holding.Florida-based GeoSphere Capital Management reported in its Form 13F filed on November 14 that it increased its position in National Energy Services Reunited Corp. by 481,228 shares during the third quarter, resulting in a $9.2 million increase in position value.What HappenedAccording to a Securities and Exchange Commission (SEC) filing dated November 14, GeoSphere Capital Management increased its stak ...

Core Viewpoint - Trican Well Service Ltd. has approved a 2026 capital budget of $122 million, emphasizing its commitment to disciplined investment and long-term growth [1][3]. Capital Budget Overview - The approved capital budget focuses on maintenance capital to ensure reliability and efficiency across Trican's four divisions, while also allocating targeted growth capital for modernization initiatives [2][3]. - Approximately $40 million of the growth capital is designated for Canada's first 100% natural gas fueled, continuous, heavy-duty hydraulic fracturing fleet, expected to be field ready in the second half of 2026 [2]. Management Commentary - The President and CEO of Trican stated that the 2026 capital program reflects the company's commitment to disciplined investments that enhance service quality and position the company for long-term growth [3]. - The focus on maintenance and targeted growth initiatives aims to ensure reliable and efficient equipment, enabling Trican to capture future opportunities and deliver long-term value to customers and shareholders [3]. Company Background - Trican Well Service Ltd. is headquartered in Calgary, Alberta, and provides oil and natural gas well servicing equipment and solutions throughout the drilling, completion, and production cycles [4]. - The company offers state-of-the-art equipment, engineering support, reservoir expertise, and laboratory services, including hydraulic fracturing, cementing, coiled tubing, nitrogen services, and chemical sales for the oil and gas industry in Western Canada [4].

Core Viewpoint - ProFrac Holding Corp. (NASDAQ:ACDC) is facing negative sentiment in the market, particularly from analysts and commentators who are cautious about the oil sector and have reduced price targets for the stock [1][2]. Company Overview - ProFrac Holding Corp. provides hydraulic fracturing, well stimulation, and proppant production services for oil and gas exploration and production [1]. - The company also manufactures high-horsepower pumps, valves, manifolds, and other equipment for energy operations [1]. Analyst Insights - Morgan Stanley analyst Daniel Kutz has lowered the price target for ProFrac from $5 to $4.50 while maintaining an Underweight rating, indicating a bearish outlook on the stock [1][2]. - The price revision is part of a broader update on price targets for stocks in the Energy Services & Equipment North America sector [2]. - The firm expects ProFrac's Q3 results and Q4 guidance to align with consensus estimates but has noted potential risks to performance estimates for 2026 [2].

Core Points - ProFrac Holding Corp. will report its third quarter 2025 financial results on November 10, 2025, at 11:00 a.m. Eastern Time [1] - The company is a technology-focused, vertically integrated energy services holding company providing hydraulic fracturing and related services to upstream oil and natural gas companies [3] Financial Offering - ProFrac announced the pricing of a public offering of 18,750,000 shares of Class A common stock at $4.00 per share, aiming for gross proceeds of approximately $75 million [6] - The company has granted underwriters a 30-day option to purchase additional shares [6] Business Segments - ProFrac operates through three business segments: Stimulation Services, Proppant Production and Manufacturing, and Other Business Activities [3]

Core Viewpoint - Trican Well Service Ltd. has received a No-Action Letter from the Competition Bureau, allowing the acquisition of Iron Horse Energy Services to proceed, which is expected to enhance Trican's growth strategy and service offerings in the Western Canadian Sedimentary Basin [1][3]. Acquisition Details - The acquisition involves Iron Horse shareholders receiving approximately $77.35 million in cash and about 33.76 million common shares of Trican [2]. - The acquisition is anticipated to close on or about August 27, 2025, pending customary closing conditions and TSX listing approval [4]. Strategic Implications - The acquisition aligns with Trican's long-term vision for growth and innovation, aiming to better serve customers and create value for shareholders [3]. - Tom Coolen, the Chairman and CEO of Iron Horse, will join Trican's board of directors following the acquisition [2]. Company Overview - Trican is headquartered in Calgary, Alberta, and provides oil and natural gas well servicing equipment and solutions throughout the drilling, completion, and production cycles [8]. - The company offers a range of services including hydraulic fracturing, cementing, coiled tubing, nitrogen services, and chemical sales for the oil and gas industry in Western Canada [8].