“PUMP” & Dump: Fracker Underwriters Say Buy “ProPetro” For Yuuuge Upside

Regular readers will recall that we're not exactly optimistic about the prospects for a sustained recovery in crude prices. That means we're by definition skeptical about the surge in equity offerings from US operators we saw during January. Specifically, energy firms raised $6.64 billion in 13 equity offerings during the first month of the year, and that total included $508.4 million raised on January 20 by Keane Group, a Houston-based provider of fracking services, in what was the first IPO