ProPetro (NYSE:PUMP) Cut to “Strong Sell” at Zacks Research

Zacks Research cut shares of ProPetro (NYSE:PUMP) from a hold rating to a strong sell rating in a research note issued to investors on Monday,Zacks.com reports.

PUMP has been the subject of a number of other research reports. Stifel Nicolaus set a $10.00 price objective on ProPetro and gave the stock a “buy” rating in a report on Wednesday, July 16th. JPMorgan Chase & Co. reduced their price objective on ProPetro from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, May 28th. Finally, Piper Sandler reduced their price objective on ProPetro from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Thursday, August 14th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $8.80.

ProPetro Trading Down 4.3%

ProPetro stock opened at $4.80 on Monday. ProPetro has a 52 week low of $4.51 and a 52 week high of $11.17. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.35 and a current ratio of 1.42. The stock has a market capitalization of $498.54 million, a P/E ratio of -3.26 and a beta of 1.13. The stock has a 50-day simple moving average of $5.50 and a 200 day simple moving average of $6.06.

ProPetro (NYSE:PUMP) last posted its quarterly earnings results on Wednesday, July 30th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.10). ProPetro had a positive return on equity of 1.84% and a negative net margin of 11.10%.The business had revenue of $326.15 million for the quarter, compared to the consensus estimate of $331.26 million. During the same quarter in the previous year, the business posted ($0.03) EPS. The company’s revenue for the quarter was down 9.2% on a year-over-year basis. Analysts expect that ProPetro will post 0.25 earnings per share for the current year.

Institutional Investors Weigh In On ProPetro

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quarry LP bought a new stake in ProPetro during the first quarter worth $25,000. Headlands Technologies LLC bought a new stake in ProPetro during the first quarter worth $32,000. State of Wyoming bought a new stake in ProPetro during the first quarter worth $48,000. PharVision Advisers LLC bought a new position in shares of ProPetro in the 2nd quarter valued at $60,000. Finally, Raymond James Financial Inc. bought a new position in shares of ProPetro in the 2nd quarter valued at $60,000. 84.70% of the stock is currently owned by institutional investors.

ProPetro Company Profile

ProPetro Holding Corp. operates as an integrated oilfield services company. The company provides hydraulic fracturing, wireline, cementing, and other complementary oilfield completion services to upstream oil and gas companies in the Permian Basin. ProPetro Holding Corp. was founded in 2007 and is headquartered in Midland, Texas.