ProPetro (NYSE:PUMP) Rating Increased to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of ProPetro (NYSE:PUMP) from a neutral rating to an overweight rating in a report issued on Wednesday morning, Marketbeat reports. They currently have $13.00 price objective on the stock, up from their previous price objective of $7.00.

PUMP has been the topic of several other research reports. Piper Sandler raised ProPetro from a “neutral” rating to an “overweight” rating and set a $16.00 price target on the stock in a research note on Monday, November 3rd. Barclays boosted their price objective on shares of ProPetro from $5.00 to $10.00 and gave the company an “equal weight” rating in a report on Monday, November 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProPetro in a research note on Monday. Citigroup boosted their price target on shares of ProPetro from $6.00 to $12.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Finally, Wolfe Research raised shares of ProPetro to a “buy” rating and set a $13.00 price objective for the company in a research report on Wednesday. Four analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $12.33.

ProPetro Price Performance

ProPetro stock opened at $11.32 on Wednesday. The company has a current ratio of 1.26, a quick ratio of 1.19 and a debt-to-equity ratio of 0.11. The company has a 50-day moving average price of $8.53 and a 200 day moving average price of $6.57. ProPetro has a 12-month low of $4.51 and a 12-month high of $11.66. The stock has a market cap of $1.18 billion, a P/E ratio of -66.60 and a beta of 0.80.

ProPetro (NYSE:PUMP) last announced its quarterly earnings results on Wednesday, October 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping 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 negative net margin of 1.31% and a negative return on equity of 0.06%. The business’s revenue was down 18.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.32) EPS. Sell-side analysts anticipate that ProPetro will post 0.25 earnings per share for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On ProPetro

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sourcerock Group LLC raised its holdings in ProPetro by 66.4% in the second quarter. Sourcerock Group LLC now owns 8,408,391 shares of the company’s stock valued at $50,198,000 after acquiring an additional 3,355,848 shares in the last quarter. VR Advisory Services Ltd increased its position in shares of ProPetro by 213.2% in the 3rd quarter. VR Advisory Services Ltd now owns 3,679,359 shares of the company’s stock valued at $19,280,000 after purchasing an additional 2,504,634 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of ProPetro by 209.5% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,704,145 shares of the company’s stock valued at $14,170,000 after purchasing an additional 1,830,399 shares in the last quarter. Millennium Management LLC lifted its position in shares of ProPetro by 382.7% during the 3rd quarter. Millennium Management LLC now owns 2,215,896 shares of the company’s stock worth $11,611,000 after purchasing an additional 1,756,812 shares during the last quarter. Finally, Nuveen LLC acquired a new position in shares of ProPetro during the first quarter worth $11,757,000. 84.70% of the stock is owned by institutional investors and hedge funds.

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.