The firm said the stock, which went public in March, can gain 46.8% in the next year.
Atlas Energy Solutions could jump in the next year as the public market newbie expands fracking-related operations in the Permian Basin, according to Barclays. Analyst Derek Podhaizer initiated coverage of the fracking stock at overweight with a price target of $25. His new target implies the stock could rally 46.8% over the next 12 months from where it closed Friday. Podhaizer said Atlas is the only public pure play for fracking in the Permian Basin, which is located in the Southern U.S.
" Investors had left the proppant market after a boom-and-bust cycle that stemmed from a massive oversupply after capital was poured in in an attempt to build out the industry, Podhaizer said. But after many companies saw margin deterioration followed by bankruptcies, Podhaizer said the weak players and bad actors in pricing have been wiped out in a Covid-induced trough that has been likened to the "great purge.
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