ProPetro (NYSE:PUMP) Shares Gap Up Following Analyst Upgrade

ProPetro Holding Corp. (NYSE:PUMP) shares gapped up prior to trading on Monday after Barclays raised their price target on the stock from $5.00 to $10.00. The stock had previously closed at $10.38, but opened at $11.18. Barclays currently has an equal weight rating on the stock. ProPetro shares last traded at $10.7380, with a volume of 1,132,272 shares trading hands.

Other analysts have also recently issued reports about the stock. Citigroup upped their price target on shares of ProPetro from $6.00 to $12.00 and gave the stock a “neutral” rating in a research report on Friday. Zacks Research upgraded shares of ProPetro from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 23rd. Piper Sandler upgraded shares of ProPetro from a “neutral” rating to an “overweight” rating and set a $16.00 price objective for the company in a report on Monday. Stifel Nicolaus set a $10.00 target price on shares of ProPetro and gave the stock a “buy” rating in a report on Wednesday, July 16th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of ProPetro in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, ProPetro presently has an average rating of “Hold” and a consensus target price of $11.00.

Hedge Funds Weigh In On ProPetro

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PUMP. New Age Alpha Advisors LLC boosted its position in ProPetro by 57.8% during the 1st quarter. New Age Alpha Advisors LLC now owns 172,403 shares of the company’s stock worth $1,267,000 after buying an additional 63,120 shares during the period. Teacher Retirement System of Texas bought a new stake in shares of ProPetro in the 1st quarter worth $89,000. Principal Financial Group Inc. grew its position in ProPetro by 2.7% during the first quarter. Principal Financial Group Inc. now owns 395,202 shares of the company’s stock valued at $2,905,000 after buying an additional 10,434 shares during the period. Vanguard Personalized Indexing Management LLC lifted its holdings in ProPetro by 83.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 20,405 shares of the company’s stock valued at $122,000 after purchasing an additional 9,297 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in ProPetro by 14.0% during the first quarter. New York State Common Retirement Fund now owns 26,796 shares of the company’s stock valued at $197,000 after purchasing an additional 3,298 shares during the last quarter. 84.70% of the stock is currently owned by institutional investors and hedge funds.

ProPetro Stock Performance

The business’s fifty day moving average price is $5.61 and its 200-day moving average price is $5.65. The stock has a market capitalization of $1.13 billion, a PE ratio of -63.55 and a beta of 1.00. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.26 and a quick ratio of 1.35.

ProPetro (NYSE:PUMP) last issued its quarterly earnings results on Wednesday, October 29th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.09. ProPetro had a negative net margin of 1.31% and a negative return on equity of 0.06%. The business had revenue of $293.92 million for the quarter, compared to analysts’ expectations of $266.25 million. During the same period last year, the business earned ($1.32) earnings per share. The business’s quarterly revenue was down 18.6% on a year-over-year basis. As a group, equities research analysts expect that ProPetro Holding Corp. will post 0.25 EPS for the current year.

About ProPetro

ProPetro Holding Corp. operates as an integrated oilfield services company. The company provides hydraulic fracturing, wireline, cementing, and other complementary oilfield completion services to upstream oil and gas companies in the Permian Basin. ProPetro Holding Corp. was founded in 2007 and is headquartered in Midland, Texas.