Citigroup Cuts ProPetro (NYSE:PUMP) Price Target to $16.00

ProPetro (NYSE:PUMP) had its target price decreased by equities researchers at Citigroup from $20.00 to $16.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective would indicate a potential upside of 43.87% from the company’s current price.

A number of other equities research analysts also recently weighed in on PUMP. Barclays raised ProPetro from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $14.00 to $23.00 in a research report on Thursday, May 7th. Piper Sandler reduced their price objective on ProPetro from $20.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday. Weiss Ratings reissued a “sell (d-)” rating on shares of ProPetro in a report on Friday. Stifel Nicolaus lowered their price objective on ProPetro from $23.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Odeon Capital Group initiated coverage on ProPetro in a research note on Thursday, May 28th. They issued a “buy” rating for the company. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, ProPetro presently has an average rating of “Moderate Buy” and a consensus price target of $17.12.

ProPetro Stock Up 0.2%

Shares of NYSE PUMP traded up $0.02 during mid-day trading on Monday, reaching $11.12. 1,862,877 shares of the company traded hands, compared to its average volume of 4,075,021. The company’s fifty day moving average is $13.90 and its two-hundred day moving average is $13.69. The company has a debt-to-equity ratio of 0.80, a quick ratio of 4.00 and a current ratio of 4.09. ProPetro has a fifty-two week low of $4.51 and a fifty-two week high of $18.50. The stock has a market cap of $1.36 billion, a PE ratio of -101.14 and a beta of 0.72.

ProPetro (NYSE:PUMP) last released its earnings results on Wednesday, July 29th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). ProPetro had a negative return on equity of 1.49% and a negative net margin of 1.15%.The firm had revenue of $305.81 million for the quarter, compared to analyst estimates of $304.48 million. During the same period in the prior year, the firm earned ($0.07) EPS. The firm’s revenue was down 6.3% on a year-over-year basis. On average, analysts expect that ProPetro will post -0.02 earnings per share for the current year.

Institutional Trading of ProPetro

Several hedge funds have recently modified their holdings of the stock. Aster Capital Management DIFC Ltd acquired a new stake in shares of ProPetro during the 4th quarter worth approximately $56,000. Dark Forest Capital Management LP acquired a new position in ProPetro in the third quarter valued at approximately $57,000. Raymond James Financial Inc. acquired a new position in ProPetro in the second quarter valued at approximately $60,000. Tower Research Capital LLC TRC boosted its stake in ProPetro by 70.5% in the second quarter. Tower Research Capital LLC TRC now owns 10,789 shares of the company’s stock valued at $64,000 after acquiring an additional 4,461 shares during the last quarter. Finally, State of Wyoming bought a new position in ProPetro in the first quarter valued at approximately $83,000. 84.70% of the stock is owned by institutional investors.

About ProPetro

ProPetro Holding Corp is a publicly traded oilfield services company that specializes in hydraulic fracturing and well completion solutions for exploration and production operators. Headquartered in Midland, Texas, the company delivers a comprehensive suite of pressure pumping services designed to optimize reservoir stimulation and enhance hydrocarbon recovery. Its integrated approach encompasses well design, proppant selection, fluid systems and pressure management to support clients’ development targets across unconventional plays.

The company’s core offerings include high-pressure fracturing, coiled tubing, cementing, acidizing and flowback services, all supported by in-house logistics and digital monitoring tools.