Wexford Capital LP, operating alongside its affiliated entities such as Wexford GP LLC, Charles E. Davidson, and Joseph M. Jacobs, has disclosed a series of substantial transactions concerning Mammoth Energy Services, Inc. (NASDAQ:TUSK). These filings, submitted to the Securities and Exchange Commission on June 22, 2026, document activities that took place on June 17, 2026, highlighting a strategic expansion of the firm's holdings in the energy services sector.
The most prominent activity involves the indirect acquisition of 4,019,574 shares of Mammoth Energy Services common stock. Executed through Wexford Spectrum Trading Limited, Wexford Catalyst Trading Limited, and Wexford Focused Trading Limited, collectively known as the Wexford Entities, this purchase was facilitated at a price of $2.6043 per share. The total value of this transaction amounts to approximately $10,468,176. The Wexford Entities are managed by Wexford Capital LP, indicating a coordinated approach to capital deployment within this specific market segment.
This acquisition occurs against a backdrop of notable price momentum for TUSK shares. Over the preceding six months, the stock has generated a 65% return for investors. At the time of reporting, the share price stood at $2.92, which is marginally above the average purchase price executed by the Wexford Entities. Despite this recent rally, valuation assessments suggest the stock may be trading above its intrinsic fair value. Detailed metrics and comparative analyses against other energy services firms are available through specialized financial platforms, which often categorize TUSK within lists of overvalued equities based on current fundamental data.
Beyond the direct market purchases, Wexford Capital LP also received 1,072,896 shares of common stock as an in-kind distribution from MEH SUB LLC. This transfer served as compensation for fees and expenses associated with Wexford Capital's investment management services. Concurrently, the Wexford Entities indirectly acquired an additional 6,354,667 shares through a similar in-kind distribution from MEH SUB LLC. These distributed shares did not constitute a purchase or sale of securities in the traditional sense and required no additional financial consideration from the recipients.
Following these cumulative transactions, the Wexford Entities now hold a combined total of 10,620,789 shares of Mammoth Energy Services common stock. Charles E. Davidson and Joseph M. Jacobs, acting as controlling persons of Wexford GP LLC, which serves as the general partner for Wexford Capital LP, along with Wexford Capital LP and Wexford GP LLC itself, may be considered to beneficially own these securities. However, the reporting parties have explicitly disclaimed beneficial ownership of the securities held by the Wexford Entities, except insofar as they possess any pecuniary interests therein. Furthermore, due to Paul Jacobi, an employee of Wexford Capital, serving in director and officer roles for Mammoth Energy Services, the reporting persons may be deemed to hold such positions by virtue of this employment relationship.
These insider activity disclosures align with recent corporate developments at Mammoth Energy Services. The company reported robust financial results for the first quarter of 2026, delivering earnings per share of $0.11, which surpassed analyst expectations. Revenue for the quarter reached $22 million, marking a significant 90% year-over-year increase. This growth was primarily driven by expansion in the rental segment and disciplined cost management strategies. Additionally, Mammoth Energy Services announced a change in its auditing firm, dismissing Deloitte & Touche LLP and appointing a new auditor. The company confirmed the absence of any disagreements or reportable events with Deloitte during the fiscal year ending December 31, 2025, or the interim period through May 13, 2026.
The combination of increased institutional ownership and strong operational metrics presents a complex landscape for investors. While the insider activity and financial results suggest confidence in the company's trajectory, the valuation concerns and recent price volatility warrant careful scrutiny. Investors evaluating TUSK should consider these factors alongside broader market trends and the specific dynamics of the energy services industry.