ProPetro (NYSE:PUMP) Sees Large Volume Increase – Here’s Why

Shares of ProPetro Holding Corp. (NYSE:PUMP) saw unusually-strong trading volume on Tuesday . Approximately 4,093,742 shares traded hands during mid-day trading, an increase of 99% from the previous session’s volume of 2,061,146 shares.The stock last traded at $10.5450 and had previously closed at $11.12.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Piper Sandler boosted their price target on shares of ProPetro from $16.00 to $17.00 and gave the stock an “overweight” rating in a report on Wednesday, January 14th. Barclays reaffirmed a “neutral” rating on shares of ProPetro in a research report on Wednesday, December 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of ProPetro in a research report on Monday, December 29th. Zacks Research upgraded shares of ProPetro from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 23rd. Finally, Wolfe Research upgraded ProPetro to a “buy” rating and set a $13.00 price objective on the stock in a research note on Wednesday, December 10th. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $12.67.

ProPetro Stock Down 3.4%

The company has a market cap of $1.12 billion, a PE ratio of -63.23 and a beta of 0.75. The stock’s 50 day moving average price is $9.91 and its 200-day moving average price is $7.44. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.19 and a current ratio of 1.26.

ProPetro (NYSE:PUMP) last announced its quarterly earnings data on Wednesday, October 29th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.09. ProPetro had a negative return on equity of 0.06% and a negative net margin of 1.31%.The firm had revenue of $293.92 million during the quarter, compared to the consensus estimate of $266.25 million. During the same quarter in the previous year, the company posted ($1.32) earnings per share. The business’s revenue was down 18.6% on a year-over-year basis. On average, analysts predict that ProPetro Holding Corp. will post 0.25 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director G Larry Lawrence sold 27,000 shares of the business’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $10.84, for a total transaction of $292,680.00. Following the completion of the sale, the director directly owned 35,831 shares in the company, valued at approximately $388,408.04. The trade was a 42.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michele Vion sold 6,916 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The stock was 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 in the company, valued at approximately $479,108.56. The trade was a 13.31% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ProPetro

Several hedge funds have recently bought and sold shares of the business. Sourcerock Group LLC increased its position in ProPetro by 66.4% during the 2nd quarter. Sourcerock Group LLC now owns 8,408,391 shares of the company’s stock valued at $50,198,000 after purchasing an additional 3,355,848 shares during the period. VR Advisory Services Ltd lifted its stake in shares of ProPetro by 213.2% during the 3rd quarter. VR Advisory Services Ltd now owns 3,679,359 shares of the company’s stock worth $19,280,000 after purchasing an additional 2,504,634 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of ProPetro by 209.5% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,704,145 shares of the company’s stock worth $14,170,000 after purchasing an additional 1,830,399 shares during the last quarter. Millennium Management LLC boosted its position in ProPetro by 382.7% during the third quarter. Millennium Management LLC now owns 2,215,896 shares of the company’s stock valued at $11,611,000 after purchasing an additional 1,756,812 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in ProPetro by 103.4% in the third quarter. JPMorgan Chase & Co. now owns 1,648,055 shares of the company’s stock valued at $8,636,000 after purchasing an additional 837,776 shares during the last quarter. Institutional investors own 84.70% of the company’s stock.

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.