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Fracking IPO Keane Group Soars as President Trump May be More Friendly to Energy Sector

Oilfield services company Keane Group surges in its NYSE trading debut.

One of the first initial public offerings of 2017, oilfield services company Keane Group, trading as FRAC, surged higher in its debut at the New York Stock Exchange on Friday. The company priced at $19 a share, at the top of expectations, and the stock rocketed nearly 15% higher in midday trading. James Stewart, the CEO of Keane Group, expects that under the new Trump administration the country will continue to push for U.S. energy independence, which will benefit Keane. But he does see some uncertainty over exactly what energy policies President Trump will propose. The fracking company operates in several active oil and gas basins, including the Permian. Keane competes against major players Schlumberger (SLB) - Get Free Report , Haliburton (HAL) - Get Free Report  and Baker Hughes (BHI) . While the company has been losing money, Stewart says Keane is headed toward profitability and business has picked up since the first of the year. He says the big uncertaintly facing Keane -- like other oil companies -- would be a drop in oil prices.