Barclays Reiterates “Equal Weight” Rating for ProPetro (NYSE:PUMP)

ProPetro (NYSE:PUMP)‘s stock had its “equal weight” rating reissued by analysts at Barclays in a research report issued on Monday, MarketBeat.com reports. They currently have a $5.00 target price on the stock, down from their prior target price of $6.00. Barclays‘s target price would indicate a potential downside of 2.63% from the company’s previous close.

A number of other brokerages have also recently commented on PUMP. Stifel Nicolaus set a $10.00 price target on ProPetro and gave the stock a “buy” rating in a research report on Wednesday, July 16th. Citigroup upped their price target on ProPetro from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 8th. Zacks Research cut ProPetro from a “hold” rating to a “strong sell” rating in a research report on Monday, September 1st. Piper Sandler cut their target price on ProPetro from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Thursday, August 14th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of ProPetro in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $6.80.

ProPetro Stock Performance

Shares of PUMP opened at $5.14 on Monday. The company has a quick ratio of 1.35, a current ratio of 1.42 and a debt-to-equity ratio of 0.07. The business has a 50-day simple moving average of $4.99 and a two-hundred day simple moving average of $5.52. The stock has a market cap of $533.89 million, a price-to-earnings ratio of -3.49 and a beta of 1.00. ProPetro has a 52 week low of $4.51 and a 52 week high of $11.17.

ProPetro (NYSE:PUMP) last issued 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). The company had revenue of $326.15 million during the quarter, compared to analysts’ expectations of $331.26 million. ProPetro had a positive return on equity of 1.84% and a negative net margin of 11.10%.The business’s quarterly revenue was down 9.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.03) EPS. On average, analysts expect that ProPetro will post 0.25 EPS for the current year.

Hedge Funds Weigh In On ProPetro

Several institutional investors have recently added to or reduced their stakes in PUMP. Quarry LP purchased a new position in ProPetro during the 1st quarter valued at approximately $25,000. Headlands Technologies LLC bought a new stake in shares of ProPetro in the 1st quarter valued at approximately $32,000. State of Wyoming bought a new stake in shares of ProPetro in the 1st quarter valued at approximately $48,000. PharVision Advisers LLC bought a new stake in shares of ProPetro in the 2nd quarter valued at approximately $60,000. Finally, Raymond James Financial Inc. bought a new stake in shares of ProPetro in the 2nd quarter valued at approximately $60,000. Hedge funds and other institutional investors own 84.70% of the company’s stock.

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.