ProPetro (NYSE:PUMP) Raised to “Neutral” at JPMorgan Chase & Co.

ProPetro (NYSE:PUMP) was upgraded by equities research analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a note issued to investors on Friday, Marketbeat.com reports. The firm presently has a $10.00 target price on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 26.42% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Barclays reduced their price target on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Citigroup decreased their target price on ProPetro from $8.50 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Finally, Stifel Nicolaus dropped their price target on ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, ProPetro has a consensus rating of “Hold” and an average price target of $10.25.

ProPetro Trading Down 4.0 %

NYSE:PUMP opened at $7.91 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.14 and a current ratio of 1.20. ProPetro has a one year low of $6.53 and a one year high of $10.02. The stock has a market cap of $814.18 million, a price-to-earnings ratio of -5.95 and a beta of 2.07. The business’s 50-day simple moving average is $7.96 and its 200 day simple moving average is $8.25.

Insider Transactions at ProPetro

In other news, CFO David Scott Schorlemer acquired 4,500 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were purchased at an average price of $6.86 per share, for a total transaction of $30,870.00. Following the completion of the acquisition, the chief financial officer now owns 112,992 shares of the company’s stock, valued at approximately $775,125.12. This represents a 4.15 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.88% of the stock is currently owned by company insiders.

Institutional Trading of ProPetro

Several large investors have recently added to or reduced their stakes in PUMP. GAMMA Investing LLC raised its holdings in shares of 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 in the last quarter. Quarry LP bought a new position in ProPetro during the second quarter valued at about $40,000. nVerses Capital LLC lifted its position in shares of ProPetro by 226.3% in the third quarter. nVerses Capital LLC now owns 6,200 shares of the company’s stock worth $47,000 after buying an additional 4,300 shares during the last quarter. CWM LLC boosted its stake in shares of ProPetro by 17.2% during the 3rd quarter. CWM LLC now owns 8,624 shares of the company’s stock worth $66,000 after acquiring an additional 1,267 shares in the last quarter. Finally, 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 valued at $75,000 after acquiring an additional 4,000 shares during the last quarter. 84.70% of the stock is owned by institutional investors.

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.