ProPetro (NYSE:PUMP) Hits New 52-Week High – Time to Buy?

ProPetro Holding Corp. (NYSE:PUMP) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $17.33 and last traded at $17.20, with a volume of 3048451 shares trading hands. The stock had previously closed at $17.00.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Piper Sandler lifted their target price on shares of ProPetro from $16.00 to $17.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. The Goldman Sachs Group assumed coverage on shares of ProPetro in a research note on Friday, April 10th. They issued a “neutral” rating and a $15.00 target price for the company. Barclays lifted their target price on shares of ProPetro from $12.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, April 9th. Bank of America assumed coverage on shares of ProPetro in a research note on Monday, March 30th. They issued a “buy” rating and a $18.00 target price for the company. Finally, Citigroup upgraded shares of ProPetro from a “neutral” rating to a “buy” rating and lifted their target price for the company from $12.00 to $16.00 in a research note on Wednesday, April 15th. Six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.50.

ProPetro Stock Performance

The company has a market cap of $2.24 billion, a P/E ratio of 1,823.70 and a beta of 0.62. The company has a quick ratio of 1.24, a current ratio of 1.29 and a debt-to-equity ratio of 0.13. The stock’s 50-day moving average price is $13.95 and its 200 day moving average price is $11.22.

ProPetro (NYSE:PUMP) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.07. ProPetro had a net margin of 0.06% and a return on equity of 0.10%. As a group, research analysts expect that ProPetro Holding Corp. will post -0.13 EPS for the current fiscal year.

Hedge Funds Weigh In On ProPetro

A number of institutional investors and hedge funds have recently bought and sold shares of PUMP. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in ProPetro by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,534 shares of the company’s stock worth $379,000 after acquiring an additional 2,230 shares during the period. Millennium Management LLC increased its position in ProPetro by 44.6% during the first quarter. Millennium Management LLC now owns 735,731 shares of the company’s stock worth $5,408,000 after acquiring an additional 226,914 shares during the period. Jones Financial Companies Lllp increased its position in ProPetro by 16,264.8% during the first quarter. Jones Financial Companies Lllp now owns 27,002 shares of the company’s stock worth $198,000 after acquiring an additional 26,837 shares during the period. Goldman Sachs Group Inc. increased its position in ProPetro by 3.7% during the first quarter. Goldman Sachs Group Inc. now owns 609,935 shares of the company’s stock worth $4,483,000 after acquiring an additional 21,519 shares during the period. Finally, Caxton Associates LLP bought a new position in ProPetro during the first quarter worth $272,000. 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.