ProPetro (NYSE:PUMP) Sets New 12-Month High Following Strong Earnings

ProPetro Holding Corp. (NYSE:PUMP) hit a new 52-week high on Thursday following a stronger than expected earnings report. The stock traded as high as $11.28 and last traded at $11.1590, with a volume of 25571836 shares. The stock had previously closed at $7.30.

The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.09. The business had revenue of $293.92 million during the quarter, compared to the consensus estimate of $266.25 million. ProPetro had a positive return on equity of 1.84% and a negative net margin of 11.10%.The business’s revenue for the quarter was down 18.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.32) earnings per share.

Analyst Upgrades and Downgrades

PUMP has been the subject of a number of research reports. Piper Sandler lowered their price target on ProPetro from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Thursday, August 14th. Citigroup boosted their price target on ProPetro from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Wednesday, October 8th. Zacks Research raised ProPetro from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 23rd. Weiss Ratings reissued a “sell (d)” rating on shares of ProPetro in a research report on Wednesday, October 8th. Finally, Barclays reissued an “equal weight” rating and set a $5.00 price target (down previously from $6.00) on shares of ProPetro in a research report on Monday, October 13th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $6.80.

Institutional Investors Weigh In On ProPetro

Several institutional investors and hedge funds have recently modified their holdings of PUMP. Hsbc Holdings PLC boosted its stake in ProPetro by 3.5% during the 1st quarter. Hsbc Holdings PLC now owns 49,858 shares of the company’s stock valued at $371,000 after purchasing an additional 1,675 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of ProPetro by 1.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 163,394 shares of the company’s stock worth $975,000 after acquiring an additional 1,990 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of ProPetro by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,534 shares of the company’s stock worth $379,000 after acquiring an additional 2,230 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of ProPetro by 4.4% during the 2nd quarter. Franklin Resources Inc. now owns 56,941 shares of the company’s stock worth $340,000 after acquiring an additional 2,418 shares in the last quarter. Finally, SummerHaven Investment Management LLC boosted its stake in shares of ProPetro by 2.9% during the 2nd quarter. SummerHaven Investment Management LLC now owns 99,361 shares of the company’s stock worth $593,000 after acquiring an additional 2,789 shares in the last quarter. Hedge funds and other institutional investors own 84.70% of the company’s stock.

ProPetro Trading Up 52.9%

The firm has a market capitalization of $1.16 billion, a P/E ratio of -7.59 and a beta of 1.00. 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 firm has a 50 day moving average price of $5.38 and a two-hundred day moving average price of $5.57.

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.