Barclays Trims ProPetro (NYSE:PUMP) Target Price to $12.00

ProPetro (NYSE:PUMP) had its target price cut by Barclays from $13.00 to $12.00 in a research report released on Wednesday, Benzinga reports. They currently have an overweight rating on the stock.

Separately, Stifel Nicolaus cut their price target on ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Friday, October 11th.

ProPetro Stock Down 3.2 %

Shares of PUMP opened at $7.75 on Wednesday. The firm has a market capitalization of $833.90 million, a price-to-earnings ratio of 11.57 and a beta of 2.02. ProPetro has a 52 week low of $6.74 and a 52 week high of $11.37. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.04 and a current ratio of 1.11. The business’s fifty day moving average price is $7.96 and its two-hundred day moving average price is $8.51.

ProPetro (NYSE:PUMP) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.11). ProPetro had a net margin of 2.21% and a return on equity of 3.39%. The firm had revenue of $357.00 million during the quarter, compared to the consensus estimate of $361.85 million. During the same quarter in the prior year, the business earned $0.34 EPS. ProPetro’s revenue was down 17.9% on a year-over-year basis. On average, analysts predict that ProPetro will post 0.17 earnings per share for the current year.

Insider Buying and Selling

In other ProPetro news, Director Michele Vion sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $8.26, for a total value of $41,300.00. Following the completion of the sale, the director now owns 34,006 shares of the company’s stock, valued at approximately $280,889.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.88% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its holdings in shares of ProPetro by 0.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,095,253 shares of the company’s stock valued at $61,515,000 after purchasing an additional 54,555 shares in the last quarter. Pacer Advisors Inc. bought a new position in ProPetro in the second quarter valued at approximately $31,741,000. American Century Companies Inc. boosted its holdings in shares of ProPetro by 21.3% in the second quarter. American Century Companies Inc. now owns 2,515,579 shares of the company’s stock valued at $21,810,000 after buying an additional 441,644 shares during the period. Encompass Capital Advisors LLC increased its position in shares of ProPetro by 2.4% during the second quarter. Encompass Capital Advisors LLC now owns 1,526,485 shares of the company’s stock worth $13,235,000 after acquiring an additional 36,339 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of ProPetro by 1.8% during the second quarter. Bank of New York Mellon Corp now owns 780,498 shares of the company’s stock worth $6,767,000 after acquiring an additional 14,144 shares during the period. 84.70% of the stock is owned by institutional investors and hedge funds.

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.