Shares of ProPetro Holding Corp. (NYSE:PUMP – Get Free Report) were down 8.7% on Monday . The stock traded as low as $10.51 and last traded at $10.4570. 2,046,211 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 3,876,642 shares. The stock had previously closed at $11.45.
Analyst Ratings Changes
PUMP has been the subject of several research reports. Citigroup reduced their price target on ProPetro from $20.00 to $16.00 and set a “buy” rating for the company in a report on Monday, August 3rd. Odeon Capital Group started coverage on ProPetro in a report on Thursday, May 28th. They issued a “buy” rating on the stock. Morgan Stanley assumed coverage on shares of ProPetro in a research report on Monday. They set an “equal weight” rating and a $13.00 price objective on the stock. Stifel Nicolaus reduced their target price on shares of ProPetro from $23.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 3rd. Finally, Piper Sandler decreased their target price on shares of ProPetro from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Thursday, August 27th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.78.
Check Out Our Latest Stock Analysis on ProPetro
ProPetro Price Performance
ProPetro (NYSE:PUMP – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). The company had revenue of $305.81 million during the quarter, compared to analyst estimates of $304.48 million. ProPetro had a negative return on equity of 1.49% and a negative net margin of 1.15%.ProPetro’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.07) EPS. Equities research analysts forecast that ProPetro Holding Corp. will post -0.1 EPS for the current year.
Insider Activity at ProPetro
In related news, COO Adam Muñoz sold 70,696 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $11.17, for a total transaction of $789,674.32. Following the completion of the transaction, the chief operating officer owned 148,691 shares of the company’s stock, valued at approximately $1,660,878.47. The trade was a 32.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director G Lawrence sold 35,831 shares of ProPetro 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 transaction, the director directly owned 28,181 shares in the company, valued at approximately $314,499.96. This represents a 55.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.55% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in the stock. Arlington Capital Management Inc. bought a new position in ProPetro during the second quarter valued at about $3,830,000. Engineers Gate Manager LP lifted its position in ProPetro by 477.9% in the second 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 during the period. Squarepoint Ops LLC raised its holdings in shares of ProPetro by 80.9% in the 2nd 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 in the last quarter. California State Teachers Retirement System boosted its stake in shares of ProPetro by 1,057.5% in the 2nd quarter. California State Teachers Retirement System now owns 1,606,854 shares of the company’s stock valued at $23,042,000 after purchasing an additional 1,468,036 shares in the last quarter. Finally, Readystate Asset Management LP grew its holdings in shares of ProPetro by 285.6% in the 2nd quarter. Readystate Asset Management LP now owns 405,748 shares of the company’s stock worth $5,818,000 after purchasing an additional 300,535 shares during the last quarter. Institutional investors and hedge funds 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 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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