Shares of ProPetro Holding Corp. (NYSE:PUMP – Get Free Report) have been given an average recommendation of “Moderate Buy” by the thirteen brokerages that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $15.25.
A number of equities analysts recently issued reports on PUMP shares. Scotiabank initiated coverage on ProPetro in a report on Tuesday, September 29th. They issued a “sector perform” rating and a $12.00 price objective for the company. Piper Sandler reduced their price target on ProPetro from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Thursday, August 27th. Wall Street Zen cut shares of ProPetro from a “hold” rating to a “sell” rating in a research note on Saturday, August 29th. Stifel Nicolaus dropped their price target on shares of ProPetro from $23.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, August 3rd. Finally, Weiss Ratings lowered shares of ProPetro from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, September 29th.
Get Our Latest Stock Analysis on PUMP
ProPetro Stock Down 4.1%
ProPetro (NYSE:PUMP – Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.06). The firm had revenue of $305.81 million during the quarter, compared to the consensus estimate of $304.48 million. ProPetro had a negative net margin of 1.15% and a negative return on equity of 1.49%. The company’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.07) earnings per share. As a group, equities analysts expect that ProPetro will post -0.11 earnings per share for the current year.
Insider Activity at ProPetro
In other ProPetro news, Director G Lawrence sold 35,831 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $11.16, for a total value of $399,873.96. Following the completion of the sale, the director directly owned 28,181 shares in the company, valued at $314,499.96. This represents a 55.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Adam Muñoz sold 70,696 shares of the company’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 completion of the sale, the chief operating officer owned 148,691 shares of the company’s stock, valued at $1,660,878.47. This trade represents a 32.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.55% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the company. Arlington Capital Management Inc. acquired a new position in ProPetro during the second quarter worth about $3,830,000. Engineers Gate Manager LP raised its holdings in shares of ProPetro by 477.9% in the 2nd quarter. Engineers Gate Manager LP now owns 297,809 shares of the company’s stock worth $4,271,000 after purchasing an additional 246,278 shares in the last quarter. Squarepoint Ops LLC grew its position in ProPetro by 80.9% in the second quarter. Squarepoint Ops LLC now owns 622,179 shares of the company’s stock worth $8,922,000 after buying an additional 278,172 shares during the last quarter. Readystate Asset Management LP lifted its position in shares of ProPetro by 285.6% during the 2nd quarter. Readystate Asset Management LP now owns 405,748 shares of the company’s stock valued at $5,818,000 after acquiring an additional 300,535 shares during the last quarter. Finally, Situational Awareness LP grew its holdings in shares of ProPetro by 115.4% in the 2nd quarter. Situational Awareness LP now owns 1,960,382 shares of the company’s stock worth $28,112,000 after acquiring an additional 1,050,082 shares during the last quarter. Institutional investors own 84.70% of the company’s stock.
About ProPetro
ProPetro Holding Corp. is an oilfield services company that provides completion and production services to exploration and production companies. Through its operating subsidiaries, the company primarily supports the development of unconventional oil and natural gas wells.
ProPetro’s services include hydraulic fracturing, well stimulation, wireline services and related completion activities. Its hydraulic fracturing operations use fleets of high-pressure pumping equipment to help operators complete wells, while its wireline business supports well intervention, evaluation and perforating activities.
Headquartered in Midland, Texas, ProPetro primarily serves customers operating in the Permian Basin of West Texas and southeastern New Mexico, one of the largest U.S.
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