ProPetro (NYSE:PUMP) Reaches New 1-Year High After Better-Than-Expected Earnings

ProPetro Holding Corp. (NYSE:PUMP)’s stock price hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $11.28 and last traded at $11.1590, with a volume of 25571836 shares trading hands. The stock had previously closed at $7.30.

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 firm had revenue of $293.92 million for the quarter, compared to the consensus estimate of $266.25 million. During the same period in the previous year, the firm posted ($1.32) EPS. The business’s quarterly revenue was down 18.6% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PUMP shares. Stifel Nicolaus set a $10.00 price objective on ProPetro and gave the stock a “buy” rating in a research note on Wednesday, July 16th. Weiss Ratings reissued a “sell (d)” rating on shares of ProPetro in a research report on Wednesday, October 8th. Citigroup boosted their price objective on shares of ProPetro from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Wednesday, October 8th. Piper Sandler cut their price objective on shares of ProPetro from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Thursday, August 14th. Finally, Barclays reiterated an “equal weight” rating and set a $5.00 price objective (down previously from $6.00) on shares of ProPetro in a research report on Monday, October 13th. One investment analyst has rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $6.80.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Hsbc Holdings PLC grew its holdings in shares of ProPetro by 3.5% in 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 last quarter. Nisa Investment Advisors LLC grew its stake in ProPetro by 1.2% in 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. grew its stake in ProPetro by 4.5% in 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. grew its stake in ProPetro by 4.4% in 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 grew its stake in ProPetro by 2.9% in 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. 84.70% of the stock is currently owned by institutional investors.

ProPetro Price Performance

The firm has a market capitalization of $1.13 billion, a P/E ratio of -64.10 and a beta of 1.00. The stock’s 50 day simple moving average is $5.50 and its 200 day simple moving average is $5.61. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.35 and a current ratio of 1.26.

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.