ProPetro (NYSE:PUMP) Stock Price Expected to Rise, Barclays Analyst Says

ProPetro (NYSE:PUMP) had its target price raised by analysts at Barclays from $10.00 to $11.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 24.13% from the company’s previous close.

A number of other research analysts have also weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProPetro in a research report on Monday. Zacks Research raised ProPetro from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 23rd. JPMorgan Chase & Co. upgraded ProPetro from a “neutral” rating to an “overweight” rating and raised their price target for the company from $7.00 to $13.00 in a report on Wednesday, December 10th. Citigroup lifted their price target on ProPetro from $6.00 to $12.00 and gave the stock a “neutral” rating in a research report on Friday, October 31st. Finally, Piper Sandler raised shares of ProPetro from a “neutral” rating to an “overweight” rating and set a $16.00 price objective on the stock in a research report on Monday, November 3rd. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $12.50.

ProPetro Stock Down 6.9%

NYSE PUMP traded down $0.66 during trading hours on Wednesday, reaching $8.86. 1,104,193 shares of the company’s stock traded hands, compared to its average volume of 2,300,944. ProPetro has a 52-week low of $4.51 and a 52-week high of $11.66. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.26 and a quick ratio of 1.19. The firm has a 50-day simple moving average of $8.92 and a 200 day simple moving average of $6.71. The firm has a market cap of $921.47 million, a PE ratio of -52.14 and a beta of 0.80.

ProPetro (NYSE:PUMP) last announced its earnings results on Wednesday, October 29th. The company reported ($0.02) earnings per share for the quarter, beating 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 business had revenue of $293.92 million during the quarter, compared to the consensus estimate of $266.25 million. During the same quarter last year, the firm earned ($1.32) earnings per share. The business’s revenue for the quarter was down 18.6% on a year-over-year basis. Sell-side analysts anticipate that ProPetro will post 0.25 EPS for the current fiscal year.

Insider Buying and Selling at ProPetro

In other news, Director Michele Vion sold 6,916 shares of the firm’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $10.64, for a total transaction of $73,586.24. Following the sale, 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 legal filing with the SEC, which is available through this link. Also, Director G Larry Lawrence sold 27,000 shares of ProPetro stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $10.84, for a total transaction of $292,680.00. Following the completion of the sale, the director owned 35,831 shares of the company’s stock, valued at $388,408.04. This represents a 42.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On ProPetro

A number of large investors have recently added to or reduced their stakes in the stock. Quarry LP purchased a new stake in ProPetro during the 1st quarter valued at $25,000. State of Wyoming bought a new stake in shares of ProPetro in the first quarter worth $48,000. Trek Financial LLC bought a new stake in shares of ProPetro in the third quarter worth $57,000. Dark Forest Capital Management LP purchased a new stake in ProPetro during the third quarter valued at $57,000. Finally, MQS Management LLC bought a new position in ProPetro in the third quarter valued at about $58,000. Institutional investors own 84.70% of the company’s stock.

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.