Analysts at Morgan Stanley started coverage on shares of ProPetro (NYSE:PUMP – Get Free Report) in a research report issued on Monday, Briefing.com reports. The brokerage set an “equal weight” rating and a $13.00 price target on the stock. Morgan Stanley’s target price indicates a potential upside of 13.98% from the company’s current price.
Several other research firms also recently commented on PUMP. Piper Sandler decreased their price objective on ProPetro from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Thursday, August 27th. Wall Street Zen lowered shares of ProPetro from a “hold” rating to a “sell” rating in a report on Saturday, August 29th. Odeon Capital Group initiated coverage on shares of ProPetro in a research note on Thursday, May 28th. They set a “buy” rating on the stock. Stifel Nicolaus lowered their price target on shares of ProPetro from $23.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 3rd. Finally, Barclays dropped their price target on shares of ProPetro from $23.00 to $18.00 and set an “overweight” rating for the company in a research report on Wednesday, August 5th. Eight analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $15.78.
View Our Latest Analysis on ProPetro
ProPetro Stock Performance
ProPetro (NYSE:PUMP – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). ProPetro had a negative return on equity of 1.49% and a negative net margin of 1.15%.The company had revenue of $305.81 million during the quarter, compared to the consensus estimate of $304.48 million. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. The business’s revenue was down 6.3% compared to the same quarter last year. Research analysts anticipate that ProPetro will post -0.1 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, Director G Lawrence sold 35,831 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $11.16, for a total value of $399,873.96. Following the completion of the sale, the director owned 28,181 shares in the company, valued at approximately $314,499.96. This trade represents a 55.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Adam Muñoz sold 70,696 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $11.17, for a total value of $789,674.32. Following the sale, the chief operating officer directly owned 148,691 shares of the company’s stock, valued at $1,660,878.47. This represents a 32.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.55% of the company’s stock.
Institutional Trading of ProPetro
Institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in ProPetro during the 2nd quarter valued at about $130,574,000. Sourcerock Group LLC boosted its holdings in ProPetro by 66.4% in the second quarter. Sourcerock Group LLC now owns 8,408,391 shares of the company’s stock worth $50,198,000 after acquiring an additional 3,355,848 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in ProPetro by 14.7% in the first quarter. Dimensional Fund Advisors LP now owns 6,481,970 shares of the company’s stock worth $93,408,000 after acquiring an additional 831,823 shares in the last quarter. Philosophy Capital Management LLC grew its stake in shares of ProPetro by 14.8% during the third quarter. Philosophy Capital Management LLC now owns 4,047,280 shares of the company’s stock worth $21,208,000 after acquiring an additional 520,327 shares during the last quarter. Finally, VR Advisory Services Ltd grew its stake in shares of ProPetro by 213.2% during the third quarter. VR Advisory Services Ltd now owns 3,679,359 shares of the company’s stock worth $19,280,000 after acquiring an additional 2,504,634 shares during the last quarter. 84.70% of the stock is currently owned by institutional investors.
About ProPetro
ProPetro Holding Corp. is an oilfield services company that provides completion and production services to exploration and production companies developing unconventional oil and natural gas wells. The company primarily serves customers in the Permian Basin, including the Midland and Delaware basins of West Texas and southeastern New Mexico.
Its principal services include hydraulic fracturing, which uses high-pressure fluid to stimulate wells, as well as wireline services used for well evaluation, perforating and other completion activities.
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