ProPetro (NYSE:PUMP) Stock Gets Price Target Boost from Scotiabank

ProPetro (NYSE:PUMP) had its price target raised by analysts at Scotiabank from $12.00 to $16.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “sector perform” rating on the stock. Scotiabank‘s target price indicates a potential upside of 107.12% from the stock’s current price.

A number of other analysts have also issued reports on the company. Stifel Nicolaus lowered their price target on ProPetro from $23.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, August 3rd. Piper Sandler cut their target price on ProPetro from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Thursday, August 27th. Weiss Ratings cut ProPetro from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, September 29th. Wall Street Zen downgraded shares of ProPetro from a “hold” rating to a “sell” rating in a report on Saturday, August 29th. Finally, Citigroup decreased their price objective on ProPetro from $16.00 to $14.50 and set a “buy” rating on the stock in a research note on Friday, October 2nd. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $15.25.

ProPetro Trading Down 1.8%

PUMP traded down $0.14 on Friday, reaching $7.72. 4,987,195 shares of the company traded hands, compared to its average volume of 4,039,217. The company has a market cap of $948.78 million, a P/E ratio of -70.23 and a beta of 0.86. The company has a quick ratio of 4.00, a current ratio of 3.49 and a debt-to-equity ratio of 0.83. ProPetro has a one year low of $7.01 and a one year high of $18.50. The firm has a fifty day simple moving average of $9.66 and a two-hundred day simple moving average of $12.54.

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

Insider Buying and Selling at ProPetro

In related news, Director G Lawrence sold 35,831 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $11.16, for a total value of $399,873.96. Following the completion of the sale, the director directly owned 28,181 shares of the company’s stock, valued at approximately $314,499.96. This represents a 55.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Adam Muñoz sold 70,696 shares of the company’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $11.17, for a total value of $789,674.32. Following the completion of the transaction, the chief operating officer directly owned 148,691 shares in the company, valued at approximately $1,660,878.47. The trade was a 32.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.55% of the company’s stock.

Institutional Investors Weigh In On ProPetro

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sterling Capital Management LLC increased its stake in ProPetro by 1,062.2% in the third quarter. Sterling Capital Management LLC now owns 4,091 shares of the company’s stock valued at $36,000 after acquiring an additional 3,739 shares during the period. State of Alaska Department of Revenue boosted its position in shares of ProPetro by 44.6% during the third quarter. State of Alaska Department of Revenue now owns 5,359 shares of the company’s stock worth $47,000 after purchasing an additional 1,653 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in ProPetro in the second quarter valued at approximately $74,000. State of Wyoming acquired a new stake in ProPetro in the 1st quarter valued at approximately $83,000. Finally, ProShare Advisors LLC boosted its stake in shares of ProPetro by 18.8% during the 3rd quarter. ProShare Advisors LLC now owns 15,571 shares of the company’s stock worth $138,000 after buying an additional 2,459 shares during the last quarter. 84.70% of the stock is owned by institutional investors and hedge funds.

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.