ProPetro (NYSE:PUMP) Reaches New 12-Month Low After Analyst Downgrade

ProPetro Holding Corp. (NYSE:PUMP) shares hit a new 52-week low during mid-day trading on Friday after Citigroup lowered their price target on the stock from $8.50 to $8.00. Citigroup currently has a neutral rating on the stock. ProPetro traded as low as $6.74 and last traded at $6.75, with a volume of 279053 shares changing hands. The stock had previously closed at $6.91.

PUMP has been the subject of a number of other reports. Stifel Nicolaus reduced their target price on shares of ProPetro from $12.00 to $11.00 and set a “buy” rating for the company in a report on Friday, October 11th. Barclays cut their target price 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. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $10.33.

Insider Activity at ProPetro

In other ProPetro news, Director Michele Vion sold 5,000 shares of ProPetro 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 directly owns 34,006 shares in the company, valued at $280,889.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.88% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in ProPetro by 84.3% during 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 during the period. Quarry LP bought a new position in ProPetro during the second quarter worth $40,000. nVerses Capital LLC boosted its holdings in ProPetro by 226.3% in the 3rd quarter. nVerses Capital LLC now owns 6,200 shares of the company’s stock valued at $47,000 after purchasing an additional 4,300 shares during the period. Chilton Capital Management LLC increased its holdings in shares of ProPetro by 87.1% during the 2nd 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 during the period. Finally, CWM LLC grew its position in ProPetro by 17.2% during the third quarter. CWM LLC now owns 8,624 shares of the company’s stock worth $66,000 after buying an additional 1,267 shares in the last quarter. Institutional investors own 84.70% of the company’s stock.

ProPetro Stock Performance

The stock has a market cap of $711.41 million, a price-to-earnings ratio of -5.20 and a beta of 2.02. The company has a current ratio of 1.20, a quick ratio of 1.04 and a debt-to-equity ratio of 0.05. The firm has a fifty day simple moving average of $7.83 and a 200 day simple moving average of $8.45.

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 analysts’ consensus estimates of $0.08 by ($0.11). ProPetro had a positive return on equity of 1.31% and a negative net margin of 9.37%. The company had revenue of $357.00 million during the quarter, compared to analyst estimates of $361.85 million. During the same period in the previous year, the company posted $0.34 earnings per share. The company’s quarterly revenue was down 17.9% on a year-over-year basis. As a group, sell-side analysts expect that ProPetro Holding Corp. will post 0.17 earnings per share for the current year.

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.