ProPetro (NYSE:PUMP) Shares Gap Up – Here’s Why

ProPetro Holding Corp. (NYSE:PUMP)’s share price gapped up prior to trading on Monday . The stock had previously closed at $9.82, but opened at $10.51. ProPetro shares last traded at $9.8360, with a volume of 269,051 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PUMP. Citigroup lifted their price objective on shares of ProPetro from $6.00 to $12.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. Barclays reissued a “neutral” rating on shares of ProPetro in a research report on Wednesday, December 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProPetro in a report on Monday, December 29th. Wolfe Research upgraded ProPetro to a “buy” rating and set a $13.00 price target on the stock in a research report on Wednesday, December 10th. Finally, JPMorgan Chase & Co. raised ProPetro from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $7.00 to $13.00 in a research note on Wednesday, December 10th. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $12.50.

ProPetro Stock Up 0.3%

The stock has a market capitalization of $1.02 billion, a P/E ratio of -57.79 and a beta of 0.75. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.26 and a quick ratio of 1.19. The firm has a 50-day simple moving average of $9.89 and a 200 day simple moving average of $7.00.

ProPetro (NYSE:PUMP) last posted its earnings results on Wednesday, October 29th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. ProPetro had a negative net margin of 1.31% and a negative return on equity of 0.06%. The firm had revenue of $293.92 million for the quarter, compared to analyst estimates of $266.25 million. During the same period in the previous year, the firm posted ($1.32) EPS. The company’s revenue for the quarter was down 18.6% compared to the same quarter last year. On average, equities research analysts forecast that ProPetro Holding Corp. will post 0.25 EPS for the current year.

Insider Transactions at ProPetro

In other news, Director G Larry Lawrence sold 27,000 shares of the business’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $10.84, for a total value of $292,680.00. Following the transaction, the director directly owned 35,831 shares of the company’s stock, valued at $388,408.04. The trade was a 42.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michele Vion sold 6,916 shares of the business’s stock in a transaction 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 sale, the director owned 45,029 shares of the company’s stock, valued at $479,108.56. This trade represents a 13.31% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On ProPetro

Large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its holdings in ProPetro by 103.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,648,055 shares of the company’s stock worth $8,636,000 after acquiring an additional 837,776 shares during the last quarter. Tudor Investment Corp ET AL purchased a new stake in shares of ProPetro in the 3rd quarter valued at about $2,280,000. Hudson Bay Capital Management LP purchased a new position in ProPetro in the third quarter worth $124,000. Dark Forest Capital Management LP bought a new stake in shares of ProPetro in the 3rd quarter worth approximately $57,000. Finally, XTX Topco Ltd bought a new stake in ProPetro in the third quarter worth $613,000. Hedge funds and other institutional investors own 84.70% of the company’s stock.

ProPetro Company Profile

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.