Barclays Cuts ProPetro (NYSE:PUMP) Price Target to $11.00

ProPetro (NYSE:PUMP) had its target price reduced by Barclays from $12.00 to $11.00 in a research note issued to investors on Monday,Benzinga reports. Barclays currently has an overweight rating on the stock.

Other analysts also recently issued reports about the company. Benchmark reaffirmed a “hold” rating on shares of ProPetro in a report on Thursday, February 20th. Citigroup lifted their price target on ProPetro from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. JPMorgan Chase & Co. upgraded ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 target price on the stock in a research report on Friday, December 6th. Finally, Stifel Nicolaus lifted their target price on ProPetro from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $10.75.

ProPetro Trading Down 1.1 %

NYSE:PUMP opened at $7.44 on Monday. The firm has a market cap of $767.06 million, a PE ratio of -5.55 and a beta of 1.98. The stock has a fifty day moving average price of $9.40 and a 200 day moving average price of $8.53. ProPetro has a 12-month low of $6.53 and a 12-month high of $11.17. The company has a current ratio of 1.31, a quick ratio of 1.14 and a debt-to-equity ratio of 0.06.

Hedge Funds Weigh In On ProPetro

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC increased its position in ProPetro by 205.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,983 shares of the company’s stock worth $28,000 after purchasing an additional 2,005 shares during the period. GAMMA Investing LLC increased its position in ProPetro by 38.0% during the 4th quarter. GAMMA Investing LLC now owns 4,446 shares of the company’s stock worth $41,000 after purchasing an additional 1,225 shares during the period. KBC Group NV increased its position in ProPetro by 90.5% during the 4th quarter. KBC Group NV now owns 8,045 shares of the company’s stock worth $75,000 after purchasing an additional 3,821 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in ProPetro during the 3rd quarter worth approximately $77,000. Finally, Raymond James Financial Inc. acquired a new position in ProPetro during the 4th quarter worth approximately $94,000. Institutional investors and hedge funds own 84.70% of the company’s stock.

About ProPetro

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.