ProPetro (NYSE:PUMP) Stock Price Target Raised at Scotiabank

ProPetro (NYSE:PUMP) had its target price increased by Scotiabank from $12.00 to $16.00 in a research note published on Friday,Benzinga reports. The brokerage currently has a sector perform rating on the stock.

Other analysts have also recently issued reports about the stock. Piper Sandler lowered their price objective on shares of ProPetro from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Thursday, August 27th. Barclays cut their target price on ProPetro from $17.00 to $15.00 and set an “overweight” rating on the stock in a research report on Friday. Morgan Stanley reduced their target price on ProPetro from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 14th. Citigroup reduced their target price on ProPetro from $16.00 to $14.50 and set a “buy” rating on the stock in a report on Friday, October 2nd. Finally, Stifel Nicolaus lowered their price target on ProPetro from $23.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. Eight analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, ProPetro currently has a consensus rating of “Moderate Buy” and an average target price of $15.25.

ProPetro Trading Down 1.8%

ProPetro stock opened at $7.72 on Friday. The stock has a 50-day moving average price of $9.59 and a 200 day moving average price of $12.53. ProPetro has a 52 week low of $7.01 and a 52 week high of $18.50. The company has a current ratio of 3.49, a quick ratio of 4.00 and a debt-to-equity ratio of 0.83.

ProPetro (NYSE:PUMP) last issued its quarterly earnings results on Wednesday, October 28th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.10. ProPetro had a return on equity of 0.21% and a net margin of 0.16%. The company had revenue of $355.38 million during the quarter, compared to the consensus estimate of $320.44 million. During the same period in the previous year, the firm posted ($0.02) EPS. ProPetro’s revenue was up 20.9% on a year-over-year basis. On average, analysts expect that ProPetro will post -0.10 earnings per share for the current fiscal year.

Insider Activity at ProPetro

In other ProPetro news, COO Adam Muñoz sold 70,696 shares of ProPetro stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $11.17, for a total transaction of $789,674.32. Following the transaction, the chief operating officer directly owned 148,691 shares of the company’s stock, valued at $1,660,878.47. The trade was a 32.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director G Lawrence sold 35,831 shares of ProPetro stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $11.16, for a total transaction of $399,873.96. Following the transaction, the director directly owned 28,181 shares in the company, valued at approximately $314,499.96. This trade represents a 55.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.55% of the company’s stock.

Hedge Funds Weigh In On ProPetro

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Sterling Capital Management LLC boosted its position in shares of ProPetro by 1,062.2% in the third quarter. Sterling Capital Management LLC now owns 4,091 shares of the company’s stock worth $36,000 after buying an additional 3,739 shares during the period. State of Alaska Department of Revenue grew its stake in shares of ProPetro by 44.6% in the third quarter. State of Alaska Department of Revenue now owns 5,359 shares of the company’s stock valued at $47,000 after buying an additional 1,653 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of ProPetro during the 2nd quarter valued at about $74,000. State of Wyoming purchased a new stake in shares of ProPetro during the 1st quarter valued at about $83,000. Finally, ProShare Advisors LLC raised its holdings in shares of ProPetro by 18.8% during the 3rd quarter. ProShare Advisors LLC now owns 15,571 shares of the company’s stock valued at $138,000 after buying an additional 2,459 shares during the period. Institutional investors and hedge funds own 84.70% of the company’s stock.

About ProPetro

ProPetro Holding Corp. is an oilfield services company that provides completion and production services to oil and natural gas exploration and production companies. Its primary offerings include hydraulic fracturing, well stimulation and wireline services used to prepare newly drilled wells for production and support ongoing well operations.

The company operates primarily in the Permian Basin, serving customers in the West Texas and southeastern New Mexico region. ProPetro’s services are focused on unconventional shale and tight-rock wells, where specialized pumping, pressure-control and downhole technologies are used to improve hydrocarbon recovery.

ProPetro was founded in 2007 and is headquartered in Midland, Texas.