ProPetro (NYSE:PUMP) Shares Gap Up After Analyst Upgrade

ProPetro Holding Corp. (NYSE:PUMP)’s share price gapped up before the market opened on Monday after Barclays raised their price target on the stock from $5.00 to $10.00. The stock had previously closed at $10.38, but opened at $11.18. Barclays currently has an equal weight rating on the stock. ProPetro shares last traded at $10.7380, with a volume of 1,132,272 shares.

Other analysts have also issued reports about the stock. Piper Sandler upgraded shares of ProPetro from a “neutral” rating to an “overweight” rating and set a $16.00 price target on the stock in a research report on Monday. Stifel Nicolaus set a $10.00 price target on shares of ProPetro and gave the company a “buy” rating in a research report on Wednesday, July 16th. Weiss Ratings reiterated a “sell (d)” rating on shares of ProPetro in a research report on Wednesday, October 8th. Citigroup increased their price target on shares of ProPetro from $6.00 to $12.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Zacks Research upgraded shares of ProPetro from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 23rd. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, ProPetro currently has a consensus rating of “Hold” and an average target price of $11.00.

Insider Activity at ProPetro

In related news, Director G Larry Lawrence sold 27,000 shares of the company’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $10.84, for a total transaction of $292,680.00. Following the transaction, the director owned 35,831 shares of the company’s stock, valued at approximately $388,408.04. This represents a 42.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michele Vion sold 6,916 shares of the company’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $10.64, for a total transaction of $73,586.24. Following the transaction, the director directly owned 45,029 shares in the company, valued at $479,108.56. The trade was a 13.31% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On ProPetro

A number of large investors have recently bought and sold shares of the stock. Hsbc Holdings PLC raised its stake in ProPetro by 3.5% during the first quarter. Hsbc Holdings PLC now owns 49,858 shares of the company’s stock worth $371,000 after purchasing an additional 1,675 shares during the period. Nisa Investment Advisors LLC raised its stake in ProPetro by 1.2% during the second quarter. Nisa Investment Advisors LLC now owns 163,394 shares of the company’s stock worth $975,000 after purchasing an additional 1,990 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in ProPetro by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,534 shares of the company’s stock worth $379,000 after purchasing an additional 2,230 shares during the period. Franklin Resources Inc. raised its stake in ProPetro by 4.4% during the second quarter. Franklin Resources Inc. now owns 56,941 shares of the company’s stock worth $340,000 after purchasing an additional 2,418 shares during the period. Finally, SummerHaven Investment Management LLC raised its stake in ProPetro by 2.9% during the second quarter. SummerHaven Investment Management LLC now owns 99,361 shares of the company’s stock worth $593,000 after purchasing an additional 2,789 shares during the period. Hedge funds and other institutional investors own 84.70% of the company’s stock.

ProPetro Stock Performance

The company has a quick ratio of 1.35, a current ratio of 1.26 and a debt-to-equity ratio of 0.11. The company has a market cap of $1.14 billion, a PE ratio of -64.34 and a beta of 1.00. The stock’s 50 day simple moving average is $5.73 and its two-hundred day simple moving average is $5.69.

ProPetro (NYSE:PUMP) last posted its quarterly earnings results on Wednesday, October 29th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. ProPetro had a negative net margin of 1.31% and a negative return on equity of 0.06%. The company had revenue of $293.92 million for the quarter, compared to the consensus estimate of $266.25 million. During the same quarter last year, the firm posted ($1.32) earnings per share. ProPetro’s revenue was down 18.6% on a year-over-year basis. As a group, research analysts anticipate that ProPetro Holding Corp. will post 0.25 earnings per share for the current year.

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.