ProPetro (NYSE:PUMP) Stock Price Down 9.2%

ProPetro Holding Corp. (NYSE:PUMPGet Rating)’s share price was down 9.2% on Friday . The company traded as low as $7.31 and last traded at $7.38. Approximately 7,306 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 916,079 shares. The stock had previously closed at $8.13.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Piper Sandler boosted their target price on ProPetro from $15.50 to $16.75 and gave the stock a “neutral” rating in a research report on Wednesday, June 1st. Evercore ISI dropped their target price on ProPetro to $13.00 in a research note on Tuesday, August 9th. Citigroup upped their target price on ProPetro to $19.00 in a research note on Friday, June 3rd. Finally, JPMorgan Chase & Co. lowered ProPetro from an “overweight” rating to an “underweight” rating and dropped their price target for the stock from $16.00 to $14.00 in a research note on Thursday, May 26th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, ProPetro has a consensus rating of “Moderate Buy” and a consensus price target of $16.13.

ProPetro Stock Performance

The business has a 50 day simple moving average of $9.08 and a 200-day simple moving average of $11.55. The stock has a market capitalization of $775.25 million, a P/E ratio of -16.02 and a beta of 2.45.

ProPetro (NYSE:PUMPGet Rating) last issued its earnings results on Tuesday, August 2nd. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.26 by $0.03. ProPetro had a positive return on equity of 2.05% and a negative net margin of 4.24%. The business had revenue of $315.08 million during the quarter, compared to analysts’ expectations of $310.57 million. During the same quarter last year, the firm posted ($0.08) earnings per share. Equities research analysts forecast that ProPetro Holding Corp. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling

In other ProPetro news, Director Spencer D. Armour III sold 32,931 shares of ProPetro stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $9.90, for a total transaction of $326,016.90. Following the sale, the director now directly owns 67,899 shares of the company’s stock, valued at $672,200.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Teacher Retirement System of Texas grew its holdings in shares of ProPetro by 22.3% in the 4th quarter. Teacher Retirement System of Texas now owns 14,918 shares of the company’s stock valued at $121,000 after buying an additional 2,718 shares during the period. Qube Research & Technologies Ltd bought a new stake in shares of ProPetro in the 4th quarter valued at about $813,000. JPMorgan Chase & Co. raised its holdings in shares of ProPetro by 17.5% in the 4th quarter. JPMorgan Chase & Co. now owns 894,942 shares of the company’s stock valued at $7,249,000 after purchasing an additional 133,507 shares during the period. Rhumbline Advisers raised its holdings in shares of ProPetro by 0.7% in the 4th quarter. Rhumbline Advisers now owns 257,375 shares of the company’s stock valued at $2,085,000 after purchasing an additional 1,845 shares during the period. Finally, PEAK6 Investments LLC raised its holdings in ProPetro by 108.8% in the 4th quarter. PEAK6 Investments LLC now owns 27,873 shares of the company’s stock valued at $226,000 after acquiring an additional 14,524 shares during the period. Institutional investors own 89.83% of the company’s stock.

About ProPetro

(Get Rating)

ProPetro Holding Corp., an oilfield services company, provides hydraulic fracturing and other related services. The company operates through Pressure Pumping and All Other segments. It offers cementing, acidizing, and coiled tubing services. The company serves oil and gas companies engaged in the exploration and production of North American oil and natural gas resources.

Further Reading

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