Shares of oil-field services company ProPetro Holding (NYSE: PUMP) haven't done much in the years since its 2017 initial public offering. On Wednesday, its board announced a dramatic step in response. Investors are applauding the move, sending the stock up 13% as of 11:19 a.m. ET.

ProPetro provides pressure pumping and other related services to upstream oil and gas companies. It's an important component of the North American energy extraction ecosystem, but it is also a business very dependent on larger macro trends and demand for natural resources.

The company's shares are down about 50% from their initial trading price, and at various times over the years have ranged from up more than 50% to down more than 75%.

Continue reading

Source Fool.com