ProPetro Holding Corp. (NYSE:PUMP) Given Average Rating of “Reduce” by Brokerages

ProPetro Holding Corp. (NYSE:PUMP) has been given an average recommendation of “Reduce” by the eight research firms that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and one has given a buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $6.80.

A number of equities research analysts have recently commented on PUMP shares. Barclays reaffirmed an “equal weight” rating and set a $5.00 price objective (down previously from $6.00) on shares of ProPetro in a research note on Monday, October 13th. Citigroup lifted their price objective on shares of ProPetro from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Wednesday, October 8th. Piper Sandler lowered their target price on shares of ProPetro from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Thursday, August 14th. Zacks Research lowered ProPetro from a “hold” rating to a “strong sell” rating in a research note on Monday, September 1st. Finally, 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.

Institutional Investors Weigh In On ProPetro

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas acquired a new stake in shares of ProPetro in the first quarter valued at about $89,000. Principal Financial Group Inc. lifted its stake in ProPetro by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 395,202 shares of the company’s stock valued at $2,905,000 after buying an additional 10,434 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in ProPetro by 18.2% in the 1st quarter. Bank of New York Mellon Corp now owns 656,315 shares of the company’s stock worth $4,824,000 after buying an additional 100,858 shares during the last quarter. New York State Common Retirement Fund increased its stake in ProPetro by 14.0% during the 1st quarter. New York State Common Retirement Fund now owns 26,796 shares of the company’s stock worth $197,000 after buying an additional 3,298 shares in the last quarter. Finally, Jennison Associates LLC raised its holdings in shares of ProPetro by 19.8% during the first quarter. Jennison Associates LLC now owns 81,613 shares of the company’s stock valued at $600,000 after acquiring an additional 13,514 shares during the last quarter. Hedge funds and other institutional investors own 84.70% of the company’s stock.

ProPetro Trading Down 1.9%

Shares of ProPetro stock opened at $5.77 on Thursday. The stock has a market cap of $599.49 million, a PE ratio of -3.92 and a beta of 1.00. The firm has a fifty day moving average price of $5.09 and a 200 day moving average price of $5.48. ProPetro has a 1 year low of $4.51 and a 1 year high of $11.17. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.42 and a quick ratio of 1.35.

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

About ProPetro

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.