ProPetro (NYSE:PUMP) Shares Down 7% – Time to Sell?

ProPetro Holding Corp. (NYSE:PUMP)’s stock price fell 7% on Tuesday . The stock traded as low as $9.43 and last traded at $9.4790. 510,232 shares changed hands during trading, a decline of 78% from the average session volume of 2,297,199 shares. The stock had previously closed at $10.19.

Analyst Ratings Changes

A number of research analysts have commented on the company. Citigroup upped their price objective on ProPetro from $6.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, October 31st. JPMorgan Chase & Co. upgraded shares of ProPetro from a “neutral” rating to an “overweight” rating and upped their price target for the company from $7.00 to $13.00 in a research note on Wednesday, December 10th. Wolfe Research raised shares of ProPetro to a “buy” rating and set a $13.00 price target on the stock in a research report on Wednesday, December 10th. Barclays reissued a “neutral” rating on shares of ProPetro in a report on Wednesday. Finally, Piper Sandler raised shares of ProPetro from a “neutral” rating to an “overweight” rating and set a $16.00 target price on the stock in a report on Monday, November 3rd. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, ProPetro presently has an average rating of “Hold” and an average price target of $12.50.

ProPetro Stock Performance

The stock has a fifty day simple moving average of $9.05 and a two-hundred day simple moving average of $6.75. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.19 and a current ratio of 1.26. The stock has a market cap of $941.02 million, a price-to-earnings ratio of -53.23 and a beta of 0.80.

ProPetro (NYSE:PUMP) last announced its quarterly earnings data on Wednesday, October 29th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.09. ProPetro had a negative return on equity of 0.06% and a negative net margin of 1.31%.The business had revenue of $293.92 million during the quarter, compared to the consensus estimate of $266.25 million. During the same period in the prior year, the company earned ($1.32) EPS. ProPetro’s revenue for the quarter was down 18.6% on a year-over-year basis. Analysts expect that ProPetro Holding Corp. will post 0.25 EPS for the current fiscal year.

Insider Activity at ProPetro

In related news, Director G Larry Lawrence sold 27,000 shares of the stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $10.84, for a total value of $292,680.00. Following the completion of the transaction, the director owned 35,831 shares of the company’s stock, valued at $388,408.04. This represents a 42.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michele Vion sold 6,916 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $10.64, for a total transaction of $73,586.24. Following the completion of the sale, the director owned 45,029 shares in the company, valued at $479,108.56. This represents a 13.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On ProPetro

A number of institutional investors and hedge funds have recently bought and sold shares of PUMP. Charles Schwab Investment Management Inc. raised its position in ProPetro by 6.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,114,259 shares of the company’s stock valued at $8,190,000 after purchasing an additional 63,686 shares during the last quarter. Nuveen LLC bought a new position in ProPetro in the 1st quarter valued at approximately $11,757,000. Public Sector Pension Investment Board raised its holdings in ProPetro by 27.2% in the 1st quarter. Public Sector Pension Investment Board now owns 251,312 shares of the company’s stock valued at $1,847,000 after buying an additional 53,817 shares during the last quarter. American Century Companies Inc. boosted its position in ProPetro by 6.6% during the 1st quarter. American Century Companies Inc. now owns 3,449,060 shares of the company’s stock worth $25,351,000 after buying an additional 212,925 shares during the period. Finally, Algert Global LLC bought a new stake in ProPetro during the 1st quarter worth approximately $504,000. 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.