ProPetro (NYSE:PUMP) Trading Down 9% – What’s Next?

ProPetro Holding Corp. (NYSE:PUMP) shares traded down 9% during trading on Monday . The company traded as low as $4.90 and last traded at $4.93. 819,849 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 1,551,839 shares. The stock had previously closed at $5.42.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Benchmark reiterated a “hold” rating on shares of ProPetro in a research report on Thursday, February 20th. Citigroup increased their price target on shares of ProPetro from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. Barclays cut their price objective on shares of ProPetro from $12.00 to $11.00 and set an “overweight” rating for the company in a report on Monday, March 3rd. Finally, Stifel Nicolaus increased their target price on shares of ProPetro from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, ProPetro currently has a consensus rating of “Hold” and a consensus target price of $10.75.

ProPetro Trading Down 8.5 %

The company has a current ratio of 1.31, a quick ratio of 1.14 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $514.77 million, a price-to-earnings ratio of -3.70 and a beta of 1.58. The company has a fifty day moving average price of $7.10 and a two-hundred day moving average price of $8.18.

Institutional Trading of ProPetro

Hedge funds and other institutional investors have recently modified their holdings of the stock. American Century Companies Inc. increased its position in ProPetro by 8.8% during the fourth quarter. American Century Companies Inc. now owns 3,236,135 shares of the company’s stock worth $30,193,000 after purchasing an additional 262,202 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of ProPetro by 57.3% during the 4th quarter. Van ECK Associates Corp now owns 1,527,598 shares of the company’s stock worth $14,253,000 after buying an additional 556,747 shares during the last quarter. Sourcerock Group LLC purchased a new stake in shares of ProPetro during the 4th quarter valued at approximately $14,079,000. Bridgeway Capital Management LLC lifted its holdings in ProPetro by 2.7% in the fourth quarter. Bridgeway Capital Management LLC now owns 1,034,873 shares of the company’s stock valued at $9,655,000 after acquiring an additional 27,086 shares during the last quarter. Finally, Royce & Associates LP grew its position in ProPetro by 29.5% in the fourth quarter. Royce & Associates LP now owns 931,139 shares of the company’s stock worth $8,688,000 after acquiring an additional 212,312 shares during the period. 84.70% of the stock is owned by institutional investors and hedge funds.

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.