ProPetro (NYSE:PUMP) Shares Gap Down – What’s Next?

ProPetro Holding Corp. (NYSE:PUMP) shares gapped down before the market opened on Monday . The stock had previously closed at $7.75, but opened at $7.48. ProPetro shares last traded at $7.63, with a volume of 59,353 shares traded.

Analysts Set New Price Targets

A number of analysts have issued reports on PUMP shares. 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 research note on Wednesday, October 16th. Stifel Nicolaus cut their target price on shares of ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Friday, October 11th.

ProPetro Price Performance

The stock has a market capitalization of $792.66 million, a price-to-earnings ratio of 25.40 and a beta of 2.02. The company has a quick ratio of 1.04, a current ratio of 1.11 and a debt-to-equity ratio of 0.05. The stock has a fifty day moving average of $7.89 and a 200-day moving average of $8.48.

ProPetro (NYSE:PUMP) last issued its 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 company had revenue of $357.00 million during the quarter, compared to analyst estimates of $361.85 million. During the same quarter in the previous year, the company posted $0.34 EPS. The company’s quarterly revenue was down 17.9% on a year-over-year basis. On average, equities research analysts predict that ProPetro Holding Corp. will post 0.17 EPS for the current fiscal year.

Insider Transactions at ProPetro

In other ProPetro news, Director Michele Vion sold 5,000 shares of ProPetro stock in a transaction 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 transaction, the director now directly owns 34,006 shares in the company, valued at approximately $280,889.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.97% of the company’s stock.

Hedge Funds Weigh In On ProPetro

Several institutional investors and hedge funds have recently added to or reduced their stakes in PUMP. GAMMA Investing LLC increased its holdings in shares of ProPetro by 84.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,221 shares of the company’s stock valued at $25,000 after purchasing an additional 1,473 shares in the last quarter. Quarry LP acquired a new stake in shares of ProPetro in the 2nd quarter worth approximately $40,000. nVerses Capital LLC raised its holdings in ProPetro by 226.3% during the third quarter. nVerses Capital LLC now owns 6,200 shares of the company’s stock worth $47,000 after purchasing an additional 4,300 shares during the last quarter. Chilton Capital Management LLC boosted its position in ProPetro by 87.1% during the second quarter. Chilton Capital Management LLC now owns 8,595 shares of the company’s stock worth $75,000 after purchasing an additional 4,000 shares in the last quarter. Finally, CWM LLC grew its holdings in ProPetro by 17.2% in the third quarter. CWM LLC now owns 8,624 shares of the company’s stock valued at $66,000 after purchasing an additional 1,267 shares during the last quarter. Institutional investors and hedge funds 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.