ProPetro (NYSE:PUMP – Get Free Report) was upgraded by Freedom Broker from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday, Zacks reports.
PUMP has been the topic of several other research reports. Citigroup dropped their target price on ProPetro from $16.00 to $14.50 and set a “buy” rating on the stock in a report on Friday, October 2nd. Scotiabank increased their price target on ProPetro from $12.00 to $16.00 and gave the company a “sector perform” rating in a research note on Friday. Stifel Nicolaus decreased their price target on ProPetro from $23.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 3rd. Morgan Stanley lowered their price target on ProPetro from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 14th. Finally, Barclays dropped their price objective on ProPetro from $17.00 to $15.00 and set an “overweight” rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $15.25.
View Our Latest Report on ProPetro
ProPetro Price Performance
PUMP stock opened at $7.72 on Thursday. ProPetro has a 52 week low of $7.01 and a 52 week high of $18.50. The firm’s 50-day moving average is $9.59 and its two-hundred day moving average is $12.53. The company has a debt-to-equity ratio of 0.83, a quick ratio of 4.00 and a current ratio of 3.49.
ProPetro (NYSE:PUMP – Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.10. The company had revenue of $355.38 million during the quarter, compared to analyst estimates of $320.44 million. ProPetro had a net margin of 0.16% and a return on equity of 0.21%. The business’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.02) EPS. Equities research analysts expect that ProPetro will post -0.10 EPS for the current fiscal year.
Insider Activity
In other news, Director G Lawrence sold 35,831 shares of ProPetro stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $11.16, for a total value of $399,873.96. Following the transaction, the director owned 28,181 shares of the company’s stock, valued at $314,499.96. The trade was a 55.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Adam Muñoz sold 70,696 shares of the business’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 transaction of $789,674.32. Following the completion of the sale, the chief operating officer owned 148,691 shares in the company, valued at $1,660,878.47. The trade was a 32.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.55% of the company’s stock.
Institutional Trading of ProPetro
Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in ProPetro in the second quarter worth approximately $130,574,000. Cooper Creek Partners Management LLC bought a new position in shares of ProPetro in the first quarter valued at $42,748,000. Assenagon Asset Management S.A. increased its holdings in shares of ProPetro by 182.6% in the third quarter. Assenagon Asset Management S.A. now owns 3,684,710 shares of the company’s stock valued at $32,573,000 after buying an additional 2,380,655 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of ProPetro by 882.3% during the 2nd quarter. Wellington Management Group LLP now owns 2,290,361 shares of the company’s stock valued at $32,844,000 after acquiring an additional 2,057,195 shares during the last quarter. Finally, Fund 1 Investments LLC lifted its position in shares of ProPetro by 2,653.6% during the 2nd quarter. Fund 1 Investments LLC now owns 1,793,882 shares of the company’s stock valued at $25,724,000 after acquiring an additional 1,728,736 shares during the last quarter. 84.70% of the stock is currently owned by institutional investors.
ProPetro Company Profile
ProPetro Holding Corp. is an oilfield services company that provides completion and production services to oil and natural gas exploration and production companies. Its primary offerings include hydraulic fracturing, well stimulation and wireline services used to prepare newly drilled wells for production and support ongoing well operations.
The company operates primarily in the Permian Basin, serving customers in the West Texas and southeastern New Mexico region. ProPetro’s services are focused on unconventional shale and tight-rock wells, where specialized pumping, pressure-control and downhole technologies are used to improve hydrocarbon recovery.
ProPetro was founded in 2007 and is headquartered in Midland, Texas.
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