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Stephen Gengaro

Managing Director and Senior Equity Research Analyst at Stifel

Stephen Gengaro is a Managing Director and Senior Equity Research Analyst at Stifel, specializing in the analysis of Oilfield Services and Equipment companies. He actively covers firms such as Generac Holdings, Cactus, Tetra Technologies, NOV, Liberty Energy, Weatherford International, and SLB, with his investment calls achieving an average stock price target met ratio of 53% and notable individual trade returns up to 75%. Gengaro began his analyst career over 20 years ago with roles at Furman Selz/ING Barings/ABN AMRO, Jefferies, Sterne, Agee & Leach/CRT Capital, and Loop Capital before joining Stifel in April 2018. He holds an MBA from Boston College’s Carroll School of Management, a B.A. in Economics from The Catholic University of America, and has been recognized by Marine Money Magazine and Forbes as 'Best Analyst,' with additional accolades from StarMine and The Wall Street Journal for forecasting accuracy.

Stephen Gengaro's questions to Liberty Energy (LBRT) leadership

Stephen Gengaro's questions to Liberty Energy (LBRT) leadership • Q3 2025

Question

Stephen Gengaro asked about Liberty Energy's visibility on demand for its planned power generation assets over the next 24 months, including contract status and target customer segments like data centers.

Answer

CEO Ron Gusek and CFO Michael Stock explained that the sales pipeline for power has more than doubled in 90 days with increased urgency. They have LOIs and contract terms for multiple gigawatts of capacity, expressing confidence in converting these to long-term (15+ years) contracts. They anticipate a higher percentage of capacity will be with data center customers than initially expected.

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Stephen Gengaro's questions to DMC Global (BOOM) leadership

Stephen Gengaro's questions to DMC Global (BOOM) leadership • Q1 2025

Question

Inquired about the implementation of the tariff surcharge for the Dyna business, pricing in the perforating gun market, the expected performance of Dyna in a potentially weaker second half, and the status of the Steel Connect situation.

Answer

The company has had partial success with the tariff surcharge, which is reflected in the guidance. Dyna's performance will depend on market conditions, with current expectations for flat to modestly down results. They provided no new information on Steel Connect, stating they are the largest shareholder and communications are periodic.

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Stephen Gengaro's questions to ProFrac Holding (ACDC) leadership

Stephen Gengaro's questions to ProFrac Holding (ACDC) leadership • Q4 2024

Question

Inquired about the frac supply-demand balance for 2025, including the impact of asset attrition. Also asked for a sense of the magnitude of pricing changes over the last year and whether there was concern about rising electricity costs for e-frac due to competition from other industries like data centers.

Answer

Management sees the frac market as tight due to accelerated equipment attrition, which could become more acute with a recovery in natural gas markets. They declined to provide specific pricing data, emphasizing their strategy of securing long-term partnerships. They view potential competition for power as a 'high-class problem' and an opportunity, given their vertical integration and focus on allocating resources for the best returns.

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Stephen Gengaro's questions to ProFrac Holding (ACDC) leadership • Q3 2024

Question

Inquired about the Q3 active fleet count, the balance between pricing and deployments, Q4 revenue and decremental margin expectations, the potential impact of Dune Express on the Proppant business, and the strategy for the power generation segment.

Answer

The company confirmed the fleet count estimate was reasonable and that Q4 expectations are in line with seasonal trends. They do not expect a material impact from Dune Express and see upside in their Proppant business. The power generation business is currently focused on servicing internal e-fleet needs with potential for future expansion.

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Stephen Gengaro's questions to PFHC leadership

Stephen Gengaro's questions to PFHC leadership • Q4 2024

Question

Stephen Gengaro inquired about ProFrac's perspective on the 2025 frac supply-demand balance, including the attrition rate of older assets, the magnitude of pricing changes over the last year, and potential risks from rising electricity costs due to demand from other industries like data centers.

Answer

Executive Chairman Matt Wilks described the frac market as 'pretty tight,' noting that high utilization is accelerating the attrition of legacy equipment, which he believes will become a major theme in 2025. He declined to quantify pricing changes but reiterated a focus on long-term partnerships over maximizing short-term pricing. CEO Ladd Wilks addressed the electricity cost question, calling it a 'high-class problem' and stating that while Livewire will prioritize internal needs, they will allocate capital to the best return opportunities while honoring customer commitments.

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Stephen Gengaro's questions to GOEV leadership

Stephen Gengaro's questions to GOEV leadership • Q1 2024

Question

Gengaro sought clarity on the delivery ramp for the year, asking for visibility on the timing and volume of vehicle deliveries to align with the annual guidance.

Answer

Aquila explained that they are currently allocating limited production among major customers and are focused on long-term strategies rather than short-term delivery numbers. He declined to give specific quarterly guidance but reiterated the goal of reaching a 20,000-unit run rate by year-end and delivering a few thousand vehicles in 2024, emphasizing a focus on methodical execution and securing non-dilutive financing.

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Stephen Gengaro's questions to GOEV leadership • Q4 2023

Question

Asked for clarification on how acquired assets impact production capacity, the plan to address the funding gap given cash outflow guidance, and the expected revenue cadence for 2024.

Answer

The acquired assets are for increasing efficiency and automation within the 20,000-unit run rate, not for adding incremental capacity. The company will raise capital based on milestones to avoid waste. The revenue cadence will be a consistent step-up, but the primary focus is on achieving correct economics before scaling, rather than hitting specific quarterly targets.

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Stephen Gengaro's questions to Smart Sand (SND) leadership

Stephen Gengaro's questions to Smart Sand (SND) leadership • Q4 2023

Question

Asked about the impact of natural gas prices on 2024 guidance, the mix of contracted versus spot volumes, the company's perspective on recent M&A and valuations in the sand market, total nameplate capacity, and the evolution and pricing of the Canadian market.

Answer

The company acknowledged that low natural gas prices are a variable for H2 2024 guidance but expect it to be offset by oil-driven basins. About 50% of their volume is contracted with stable pricing. They believe Northern White sand is undervalued compared to in-basin sand and that their markets will remain strong. Total capacity is 10 million tons. They are optimistic about growth in the Canadian market, which has complementary product needs and similar pricing to the U.S., albeit with more seasonality.

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