FTS International, Inc. provides hydraulic fracturing services in North America. The company's services enhance hydrocarbon flow from oil and natural gas wells drilled by exploration and production companies (E&P), in shale and other unconventional resource formations. It operates in five unconventional basins in the United States. As of December 31, 2020, the company had approximately 1.4 million hydraulic horsepower across 28 fleets. It serves E&P companies that specialize in unconventional oil and natural gas resources. The company was founded in 2000 and is headquartered in Fort Worth, Texas.
IPO Year: 2020
Exchange: AMEX
Website: ftsi.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 8/9/2021 | $32.00 | Hold → Buy | Stifel |
FTS International, Inc. (NYSE:FTSI) today reported its financial and operational results for the third quarter of 2021. These results follow the preliminary third quarter 2021 financial and operational results that FTSI announced on October 22, 2021. Michael Doss, Chief Executive Officer, commented, "While we are experiencing positive momentum in the fourth quarter in both pricing and activity, we had lower fleet utilization and fewer pumping hours per day than expected in the third quarter. This was primarily caused by customer-driven issues, including several unusually long and unplanned scheduling gaps, as well as excess third-party non-productive time related to wellhead and wireline c
FTS International, Inc. (NYSE:FTSI) today reported its financial and operational results for the second quarter of 2021. Michael Doss, Chief Executive Officer, commented, "I'm pleased to report that we achieved a 77% sequential increase in adjusted EBITDA in the second quarter to $13.8 million and that we are back to generating cash following a large working capital build in the first quarter. We efficiently and safely provided best-in-class service quality to our customers in the second quarter. We had 11.8 fully-utilized fleets, same as in the first quarter, but we achieved an increase in stages and pumping hours per fully-utilized fleet due to an increase in pumping hours per day. Annu
FTS International, Inc. (NYSE:FTSI) announced today that it will release its financial results for the second quarter ended June 30, 2021 on Thursday, August 5, 2021 after the market closes. FTS International will hold a conference call that will also be webcast on its website on Friday, August 6, 2021 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss the results. Presenting the Company's results will be Michael Doss, Chief Executive Officer, who will then be joined by Buddy Petersen, Chief Operating Officer and Lance Turner, Chief Financial Officer, for Q&A. Please see below for instructions on how to access the conference call and webcast. By Phone: Dial (212) 271-4
Merger Agreement with ProFrac approved by FTS International Stockholders FTS International, Inc. (NYSE:FTSI) ("the Company" or "FTSI") today announced the results of the special meeting of stockholders held earlier today. At the special meeting, FTSI stockholders approved the transactions contemplated by that certain Merger Agreement dated October 21, 2021 by and among FTS International, Inc., ProFrac Holdings, LLC and ProFrac Acquisitions, Inc. Holders of 10,124,258 shares of FTSI Class A common stock ("Class A Shares") and FTSI Class B common stock ("Class B Shares" and, together with the Class A Shares, the "Shares") representing approximately 71.54% of the outstanding Shares, and hold
FTS International, Inc. (NYSE:FTSI) ("FTSI") today announced that its special meeting of FTSI stockholders (the "Special Meeting") has been set for March 3, 2022 at 9:00 a.m. Eastern Time. The close of business on January 21, 2022 has been set as the record date for the determination of shareholders eligible to receive a proxy and vote at the Special Meeting. The Special Meeting will be held in order for FTSI shareholders to consider and vote on the previously announced merger transaction (the "Merger") with ProFrac Holdings, LLC, a Texas limited liability company ("ProFrac") and certain related matters. The special meeting will be a "virtual meeting" of shareholders, meaning that sharehold
FTS International, Inc. (NYSE:FTSI) (the "Company" or "FTS International") announced today that the Company received a notice from NYSE American on January 4, 2022 that the Company is not in compliance with the continued listing standards set forth in Section 704 of the NYSE American Company Guide due to the Company's failure to hold an annual meeting for the fiscal year ended December 31, 2020 on or before December 31, 2021. As previously announced, on October 21, 2021, the Company entered into an Agreement and Plan of Merger, by and among the Company, ProFrac Holdings, LLC, a Texas limited liability company ("ProFrac"), and ProFrac Acquisitions, Inc., a Delaware corporation and wholly ow
FTS International, Inc. (NYSE:FTSI) (the "Company" or "FTSI") today announced the expiration of the 45-day "go-shop" period under the terms of the previously announced merger agreement (the "Merger Agreement"), pursuant to which FTSI will be acquired by ProFrac Holdings, LLC ("ProFrac"), a leading oilfield services company. Under the terms of the Merger Agreement, FTSI and its representatives were permitted to solicit, initiate and engage in discussions or negotiations with respect to alternative acquisition proposals from third parties during the "go-shop" period until 11:59 p.m. EST on December 5, 2021 (the "Go-Shop Period End Date"). During the "go-shop" period, FTSI and its financial a
FTS International, Inc. (NYSE:FTSI) today reported its financial and operational results for the third quarter of 2021. These results follow the preliminary third quarter 2021 financial and operational results that FTSI announced on October 22, 2021. Michael Doss, Chief Executive Officer, commented, "While we are experiencing positive momentum in the fourth quarter in both pricing and activity, we had lower fleet utilization and fewer pumping hours per day than expected in the third quarter. This was primarily caused by customer-driven issues, including several unusually long and unplanned scheduling gaps, as well as excess third-party non-productive time related to wellhead and wireline c
FTS International, Inc. (NYSE:FTSI) ("the Company" or "FTSI") today announced that it has entered into a definitive agreement to be acquired by ProFrac Holdings, LLC ("ProFrac"), a leading oilfield services company, in an all-cash transaction that values FTSI at approximately $407.5 million, including payments to outstanding warrants. The Company also reported its preliminary Q3 2021 quarterly results. Under the terms of the agreement, which has been unanimously approved by FTSI's Board of Directors (the "Board"), FTSI stockholders will receive $26.52 per share of FTSI common stock in cash. This represents approximately a 14% premium over the Company's 60-day volume-weighted average closin
FTS International, Inc. (NYSE:FTSI) (the "Company" or "FTSI") today announced preliminary financial and operational results for the third quarter of 2021. Michael Doss, Chief Executive Officer, commented, "Our utilization in the third quarter was less than we expected due to unusually high customer-driven downtime. I am, however, pleased to report that pricing, net of inflation, was above expectations and is expected to increase further in the fourth quarter. Utilization has improved in October and we expect overall fourth quarter utilization rates to be similar to what we experienced in the second quarter. "The underutilization in the third quarter was caused by one-off customer-driven s
FTS International, Inc. (NYSE:FTSI) announced today that its management will be presenting at the Barclays CEO Energy-Power Conference to be held virtually from September 8-10, 2021. Michael Doss, Chief Executive Officer, is scheduled to present on Friday, September 10, 2021, at approximately 10:20 a.m. Eastern Time (9:20 a.m. Central Time). An accompanying slide presentation will be available on September 8, 2021 in the Investor Relations section of FTS International Inc.'s website at www.FTSI.com. About FTS International, Inc. Headquartered in Fort Worth, Texas, FTS International is a pure-play hydraulic fracturing service company with operations across multiple basins in the United St
FTS International, Inc. (NYSE:FTSI) today reported its financial and operational results for the second quarter of 2021. Michael Doss, Chief Executive Officer, commented, "I'm pleased to report that we achieved a 77% sequential increase in adjusted EBITDA in the second quarter to $13.8 million and that we are back to generating cash following a large working capital build in the first quarter. We efficiently and safely provided best-in-class service quality to our customers in the second quarter. We had 11.8 fully-utilized fleets, same as in the first quarter, but we achieved an increase in stages and pumping hours per fully-utilized fleet due to an increase in pumping hours per day. Annu
FTS International, Inc. (NYSE:FTSI) announced today that it will release its financial results for the second quarter ended June 30, 2021 on Thursday, August 5, 2021 after the market closes. FTS International will hold a conference call that will also be webcast on its website on Friday, August 6, 2021 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss the results. Presenting the Company's results will be Michael Doss, Chief Executive Officer, who will then be joined by Buddy Petersen, Chief Operating Officer and Lance Turner, Chief Financial Officer, for Q&A. Please see below for instructions on how to access the conference call and webcast. By Phone: Dial (212) 271-4
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Stifel upgraded FTS International from Hold to Buy and set a new price target of $32.00
Merger activity increased last week with six new deals announced and six deals completed. Three of the six new deals announced were potential deals in the works. Healthcare Trust of America (NYSE:HTA) Founded in 2006, Healthcare Trust of America is a healthcare focused REIT and the largest operator of dedicated medical office buildings (MOB) in the United States. The company owns real estate though 461 on-campus and off-campus properties around hospitals and Universities in 32 states. We added HTA to our ‘Deals in the Works‘ tool on October 6, 2021, when Bloomberg reported that activist investor Elliott Investment Management was pushing for the company to launch a strategic review that inc
FTS International, Inc. (NYSE:FTSI) (the "Company" or "FTS International") announced today that the Company received a notice from NYSE American on January 4, 2022 that the Company is not in compliance with the continued listing standards set forth in Section 704 of the NYSE American Company Guide due to the Company's failure to hold an annual meeting for the fiscal year ended December 31, 2020 on or before December 31, 2021. As previously announced, on October 21, 2021, the Company entered into an Agreement and Plan of Merger, by and among the Company, ProFrac Holdings, LLC, a Texas limited liability company ("ProFrac"), and ProFrac Acquisitions, Inc., a Delaware corporation and wholly own
FTS International, Inc. (NYSE:FTSI) (the “Company” or “FTSI”) today announced the expiration of the 45-day “go-shop” period under the terms of the previously announced merger agreement (the “Merger Agreement”), pursuant to which FTSI will be acquired by ProFrac Holdings, LLC (“ProFrac”), a leading oilfield services company. Under the terms of the Merger Agreement, FTSI and its representatives were permitted to solicit, initiate and engage in discussions or negotiations with respect to alternative acquisition proposals from third parties during the “go-shop” period until 11:59 p.m. EST on December 5, 2021 (the “Go-Shop Period End Date”). During the “go-shop” period, FTSI and its financial ad
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