Wall Street Zen upgraded shares of ProPetro (NYSE:PUMP – Free Report) from a sell rating to a hold rating in a research note issued to investors on Saturday,Wall Street Zen reports.
PUMP has been the subject of several other research reports. Weiss Ratings cut shares of ProPetro from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, September 29th. Scotiabank boosted their price target on ProPetro from $12.00 to $16.00 and gave the stock a “sector perform” rating in a report on Friday. Stifel Nicolaus dropped their target price on shares of ProPetro from $23.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 3rd. Piper Sandler decreased their price target on shares of ProPetro from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Thursday, August 27th. Finally, Morgan Stanley dropped their price objective on shares of ProPetro from $13.00 to $12.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 14th. One 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 given a Sell rating to the company’s stock. According to MarketBeat, ProPetro has an average rating of “Moderate Buy” and an average target price of $15.25.
View Our Latest Report on PUMP
ProPetro Price Performance
ProPetro stock opened at $7.72 on Friday. The company’s 50-day moving average price is $9.59 and its two-hundred day moving average price is $12.53. The company has a debt-to-equity ratio of 0.83, a current ratio of 3.49 and a quick ratio of 4.00. ProPetro has a twelve month low of $7.01 and a twelve month high of $18.50.
ProPetro (NYSE:PUMP – Get Free Report) last released its quarterly earnings results on Wednesday, October 28th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.10. ProPetro had a return on equity of 0.21% and a net margin of 0.16%. The business had revenue of $355.38 million during the quarter, compared to analysts’ expectations of $320.44 million. During the same period last year, the firm posted ($0.02) EPS. The firm’s revenue for the quarter was up 20.9% compared to the same quarter last year. On average, equities research analysts predict that ProPetro will post -0.09 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 value of $789,674.32. Following the completion of the sale, the chief operating officer directly owned 148,691 shares of the company’s stock, valued at $1,660,878.47. The trade was a 32.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director G Lawrence sold 35,831 shares of the firm’s 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 completion of the sale, the director directly owned 28,181 shares of the company’s stock, valued at $314,499.96. This trade represents a 55.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.55% of the company’s stock.
Institutional Trading of ProPetro
Several hedge funds have recently bought and sold shares of PUMP. BlackRock Inc. purchased a new stake in ProPetro during the second quarter valued at about $130,574,000. Dimensional Fund Advisors LP increased its stake in ProPetro by 14.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,481,970 shares of the company’s stock worth $93,408,000 after purchasing an additional 831,823 shares during the period. Assenagon Asset Management S.A. lifted its position in 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 purchasing an additional 2,380,655 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of ProPetro by 10.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,449,379 shares of the company’s stock worth $49,706,000 after purchasing an additional 316,022 shares during the last quarter. Finally, Cooper Creek Partners Management LLC bought a new stake in ProPetro during the 1st quarter valued at $42,748,000. Institutional investors and hedge funds own 84.70% of the company’s stock.
Key Headlines Impacting ProPetro
Here are the key news stories impacting ProPetro this week:
- Positive Sentiment: ProPetro reported quarterly earnings of $0.09 per share, exceeding the consensus estimate for a loss of $0.01, while revenue of $355.4 million surpassed expectations and increased 20.9% year over year. The strong results prompted a gap-up in the shares. ProPetro Shares Gap Up Following Strong Earnings
- Positive Sentiment: Scotiabank raised its price target from $12 to $16 while retaining a “sector perform” rating, implying significant potential upside if ProPetro’s operating performance improves. Scotiabank ProPetro Rating
- Positive Sentiment: Freedom Broker upgraded ProPetro from “hold” to “strong buy,” adding to the bullish analyst commentary following the earnings report. Freedom Broker ProPetro Rating
- Neutral Sentiment: Analyst questions from the third-quarter earnings call offer additional insight into management’s outlook and the issues investors are monitoring, but the available report does not identify a specific new catalyst. Five insightful analyst questions from ProPetro’s Q3 earnings call
- Neutral Sentiment: Wall Street Zen raised its rating to “hold,” suggesting improved sentiment but not a clear bullish consensus. ProPetro Stock Rating Raised to Hold
- Negative Sentiment: Barclays lowered its price target from $17 to $15, although it maintained an “overweight” rating. The reduction highlights continued uncertainty around ProPetro’s outlook and may be weighing on sentiment. Barclays ProPetro Rating
- Negative Sentiment: Despite the earnings beat, ProPetro remains well below its 50-day and 200-day moving averages, and analysts expect a full-year loss, indicating that investors remain concerned about the durability of profits.
About ProPetro
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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