FY2024 EPS Estimates for ProPetro Reduced by Zacks Research

ProPetro Holding Corp. (NYSE:PUMP) – Equities researchers at Zacks Research reduced their FY2024 earnings per share (EPS) estimates for ProPetro in a note issued to investors on Wednesday, December 11th. Zacks Research analyst N. Choudhury now forecasts that the company will post earnings of ($1.17) per share for the year, down from their previous estimate of $0.27. The consensus estimate for ProPetro’s current full-year earnings is ($0.45) per share.

Other equities research analysts also recently issued reports about the company. Citigroup decreased their price objective on ProPetro from $8.50 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st. Barclays cut their price target on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Stifel Nicolaus dropped their target price on ProPetro from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Finally, JPMorgan Chase & Co. raised ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price target for the company in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $10.25.

ProPetro Trading Up 2.0 %

Shares of ProPetro stock opened at $9.32 on Monday. The firm has a market cap of $958.79 million, a price-to-earnings ratio of -6.89 and a beta of 2.07. The business has a 50-day moving average price of $8.07 and a 200-day moving average price of $8.22. The company has a quick ratio of 1.14, a current ratio of 1.20 and a debt-to-equity ratio of 0.05. ProPetro has a twelve month low of $6.53 and a twelve month high of $10.02.

Insiders Place Their Bets

In other ProPetro news, CFO David Scott Schorlemer bought 4,500 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was bought at an average cost of $6.86 per share, for a total transaction of $30,870.00. Following the completion of the transaction, the chief financial officer now directly owns 112,992 shares of the company’s stock, valued at approximately $775,125.12. This trade represents a 4.15 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On ProPetro

Hedge funds have recently bought and sold shares of the business. B. Riley Wealth Advisors Inc. lifted its holdings in ProPetro by 209.2% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 272,374 shares of the company’s stock valued at $2,115,000 after purchasing an additional 184,273 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of ProPetro during the 3rd quarter worth $3,525,000. Pacer Advisors Inc. boosted its position in shares of ProPetro by 95.4% during the 3rd quarter. Pacer Advisors Inc. now owns 7,152,687 shares of the company’s stock valued at $54,790,000 after acquiring an additional 3,491,723 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of ProPetro in the 2nd quarter valued at approximately $746,000. Finally, Exchange Traded Concepts LLC acquired a new stake in shares of ProPetro during the 3rd quarter worth approximately $1,013,000. Hedge funds and other 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.