ProPetro (NYSE:PUMP) Raised to “Hold” at Wall Street Zen

ProPetro (NYSE:PUMP) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Saturday, Wall Street Zen reports.

Other equities research analysts also recently issued research reports about the stock. Piper Sandler lowered their price objective on shares of ProPetro from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Thursday, August 27th. Morgan Stanley lowered their price objective on shares of ProPetro from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 14th. Weiss Ratings lowered ProPetro from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, September 29th. Citigroup dropped their price objective on shares of ProPetro from $16.00 to $14.50 and set a “buy” rating for the company in a research note on Friday, October 2nd. Finally, Stifel Nicolaus decreased their price target on shares of ProPetro from $23.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, ProPetro presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.25.

ProPetro Price Performance

ProPetro stock opened at $7.72 on Friday. ProPetro has a 12-month low of $7.01 and a 12-month high of $18.50. The company has a fifty day simple moving average of $9.59 and a 200-day simple moving average of $12.53. The company has a quick ratio of 3.41, a current ratio of 3.49 and a debt-to-equity ratio of 0.83.

ProPetro (NYSE:PUMP) last posted its quarterly earnings results on Wednesday, October 28th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.10. The firm had revenue of $355.38 million for the quarter, compared to analyst estimates of $320.44 million. ProPetro had a net margin of 0.16% and a return on equity of 0.21%. ProPetro’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.02) earnings per share. Research analysts expect that ProPetro will post -0.09 EPS for the current year.

Insiders Place Their Bets

In other ProPetro news, Director G Lawrence sold 35,831 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $11.16, for a total transaction of $399,873.96. Following the sale, the director owned 28,181 shares of the company’s stock, valued at approximately $314,499.96. This represents a 55.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Adam Muñoz sold 70,696 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $11.17, for a total transaction of $789,674.32. Following the transaction, the chief operating officer owned 148,691 shares in the company, valued at $1,660,878.47. The trade was a 32.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.55% of the stock is currently owned by company insiders.

Institutional Trading of ProPetro

A number of institutional investors and hedge funds have recently bought and sold shares of PUMP. Arlington Capital Management INC lifted its stake in ProPetro by 1.5% during the third quarter. Arlington Capital Management INC now owns 271,044 shares of the company’s stock valued at $2,396,000 after purchasing an additional 3,986 shares during the last quarter. ProShare Advisors LLC lifted its position in shares of ProPetro by 18.8% in the third quarter. ProShare Advisors LLC now owns 15,571 shares of the company’s stock valued at $138,000 after buying an additional 2,459 shares during the last quarter. Sterling Capital Management LLC grew its position in ProPetro by 1,062.2% during the 3rd quarter. Sterling Capital Management LLC now owns 4,091 shares of the company’s stock worth $36,000 after acquiring an additional 3,739 shares during the last quarter. Inspire Investing LLC increased its stake in ProPetro by 53.0% during the 3rd quarter. Inspire Investing LLC now owns 72,075 shares of the company’s stock valued at $637,000 after purchasing an additional 24,968 shares in the last quarter. Finally, Pension & Wealth Management Advisors Inc. boosted its holdings in ProPetro by 96.5% in the 3rd quarter. Pension & Wealth Management Advisors Inc. now owns 16,621 shares of the company’s stock worth $147,000 after buying an additional 8,161 shares during the period. Institutional investors and hedge funds own 84.70% of the company’s stock.

ProPetro Company Profile

ProPetro Holding Corp. is an oilfield services company that provides completion and production services to oil and natural gas exploration and production companies. Its primary offerings include hydraulic fracturing, well stimulation and wireline services used to prepare newly drilled wells for production and support ongoing well operations.

The company operates primarily in the Permian Basin, serving customers in the West Texas and southeastern New Mexico region. ProPetro’s services are focused on unconventional shale and tight-rock wells, where specialized pumping, pressure-control and downhole technologies are used to improve hydrocarbon recovery.

ProPetro was founded in 2007 and is headquartered in Midland, Texas.