ProPetro (NYSE:PUMP) Shares Gap Down – Here’s Why

ProPetro Holding Corp. (NYSE:PUMP)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $14.24, but opened at $12.95. ProPetro shares last traded at $13.5790, with a volume of 820,799 shares changing hands.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProPetro in a report on Monday, December 29th. Piper Sandler boosted their target price on shares of ProPetro from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. JPMorgan Chase & Co. upgraded shares of ProPetro from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $7.00 to $13.00 in a report on Wednesday, December 10th. Wolfe Research upgraded shares of ProPetro to a “buy” rating and set a $13.00 target price on the stock in a report on Wednesday, December 10th. Finally, Barclays boosted their target price on shares of ProPetro from $11.00 to $12.00 and gave the company an “equal weight” rating in a report on Wednesday, February 25th. Five equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $13.57.

ProPetro Trading Down 4.6%

The company has a market cap of $1.66 billion, a P/E ratio of 1,359.00 and a beta of 0.62. The stock’s 50 day moving average is $12.75 and its 200-day moving average is $10.15. The company has a current ratio of 1.29, a quick ratio of 1.24 and a debt-to-equity ratio of 0.13.

ProPetro (NYSE:PUMP) last announced its quarterly earnings results on Wednesday, February 18th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.14. The company had revenue of $289.68 million for the quarter, compared to analysts’ expectations of $279.90 million. ProPetro had a net margin of 0.06% and a return on equity of 0.10%. ProPetro’s revenue was down 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.17) EPS. Research analysts anticipate that ProPetro Holding Corp. will post 0.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ProPetro

A number of hedge funds have recently bought and sold shares of the company. Aster Capital Management DIFC Ltd purchased a new position in ProPetro in the 4th quarter worth about $56,000. Raymond James Financial Inc. purchased a new position in ProPetro in the 2nd quarter worth about $60,000. Tower Research Capital LLC TRC raised its position in ProPetro by 70.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,789 shares of the company’s stock worth $64,000 after buying an additional 4,461 shares during the last quarter. Trek Financial LLC purchased a new position in ProPetro in the 3rd quarter worth about $57,000. Finally, Dark Forest Capital Management LP purchased a new position in ProPetro in the 3rd quarter worth about $57,000. Institutional investors own 84.70% of the company’s stock.

About ProPetro

ProPetro Holding Corp is a publicly traded oilfield services company that specializes in hydraulic fracturing and well completion solutions for exploration and production operators. Headquartered in Midland, Texas, the company delivers a comprehensive suite of pressure pumping services designed to optimize reservoir stimulation and enhance hydrocarbon recovery. Its integrated approach encompasses well design, proppant selection, fluid systems and pressure management to support clients’ development targets across unconventional plays.

The company’s core offerings include high-pressure fracturing, coiled tubing, cementing, acidizing and flowback services, all supported by in-house logistics and digital monitoring tools.