ProPetro (NYSE:PUMP) Lowered to Underweight at JPMorgan Chase & Co.

ProPetro (NYSE:PUMPGet Rating) was downgraded by investment analysts at JPMorgan Chase & Co. from an “overweight” rating to an “underweight” rating in a research report issued to clients and investors on Thursday, The Fly reports.

Several other brokerages have also commented on PUMP. Tudor Pickering raised ProPetro from a “hold” rating to a “buy” rating in a report on Thursday, May 5th. Stifel Nicolaus boosted their price target on ProPetro from $13.00 to $16.00 in a report on Friday, April 8th. Tudor, Pickering, Holt & Co. raised ProPetro from a “hold” rating to a “buy” rating in a report on Thursday, May 5th. R. F. Lafferty boosted their price target on ProPetro from $11.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, February 23rd. Finally, Piper Sandler cut their price target on ProPetro from $17.00 to $15.50 and set a “neutral” rating for the company in a report on Thursday, May 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $15.63.

PUMP stock opened at $12.88 on Thursday. ProPetro has a 1-year low of $6.39 and a 1-year high of $16.92. The business has a fifty day moving average price of $13.83 and a 200-day moving average price of $11.51. The stock has a market capitalization of $1.34 billion, a P/E ratio of -58.55 and a beta of 2.51.

ProPetro (NYSE:PUMPGet Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.05. ProPetro had a negative return on equity of 2.62% and a negative net margin of 2.21%. The firm had revenue of $282.68 million during the quarter, compared to analysts’ expectations of $273.81 million. During the same quarter in the previous year, the business earned ($0.20) earnings per share. The company’s revenue was up 75.1% on a year-over-year basis. Analysts expect that ProPetro will post 0.75 EPS for the current year.

In other ProPetro news, Director Spencer D. Armour III sold 32,931 shares of the company’s stock in a transaction that occurred on Tuesday, April 5th. The stock was sold at an average price of $14.37, for a total transaction of $473,218.47. Following the sale, the director now directly owns 54,515 shares in the company, valued at $783,380.55. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Phillip A. Gobe sold 40,000 shares of the stock in a transaction that occurred on Thursday, May 12th. The stock was sold at an average price of $12.26, for a total value of $490,400.00. Following the completion of the sale, the director now owns 244,111 shares in the company, valued at $2,992,800.86. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,464 shares of company stock valued at $1,257,927. Corporate insiders own 0.90% of the company’s stock.

A number of large investors have recently made changes to their positions in PUMP. Point72 Hong Kong Ltd bought a new stake in ProPetro during the 1st quarter valued at $108,000. Quantbot Technologies LP boosted its position in ProPetro by 197.8% during the 1st quarter. Quantbot Technologies LP now owns 41,685 shares of the company’s stock valued at $580,000 after acquiring an additional 27,686 shares in the last quarter. Dynamic Technology Lab Private Ltd boosted its position in ProPetro by 274.7% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 90,590 shares of the company’s stock valued at $1,262,000 after acquiring an additional 66,416 shares in the last quarter. Guggenheim Capital LLC boosted its position in ProPetro by 27.1% during the 1st quarter. Guggenheim Capital LLC now owns 62,469 shares of the company’s stock valued at $870,000 after acquiring an additional 13,305 shares in the last quarter. Finally, Captrust Financial Advisors boosted its position in ProPetro by 47.3% during the 1st quarter. Captrust Financial Advisors now owns 9,765 shares of the company’s stock valued at $136,000 after acquiring an additional 3,137 shares in the last quarter. 86.35% of the stock is currently owned by institutional investors.

ProPetro Company Profile (Get Rating)

ProPetro Holding Corp., an oilfield services company, provides hydraulic fracturing and other related services. The company operates through Pressure Pumping and All Other segments. It offers cementing, acidizing, and coiled tubing services. The company serves oil and gas companies engaged in the exploration and production of North American oil and natural gas resources.

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