ProPetro Holding Corp. (NYSE:PUMP) Receives Consensus Rating of “Moderate Buy” from Brokerages

ProPetro Holding Corp. (NYSE:PUMP) has received a consensus recommendation of “Moderate Buy” from the twelve research firms that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $15.7778.

A number of research analysts recently issued reports on PUMP shares. Barclays cut their price objective on ProPetro from $23.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, August 5th. Stifel Nicolaus decreased their target price on shares of 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 lowered their price target on shares of ProPetro from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Thursday, August 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProPetro in a research report on Friday, July 31st. Finally, Odeon Capital Group began coverage on shares of ProPetro in a research note on Thursday, May 28th. They issued a “buy” rating for the company.

ProPetro Price Performance

NYSE PUMP opened at $10.45 on Friday. The business’s fifty day moving average is $11.62 and its 200 day moving average is $13.72. ProPetro has a fifty-two week low of $4.73 and a fifty-two week high of $18.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 4.00 and a current ratio of 4.09. The company has a market capitalization of $1.28 billion, a PE ratio of -95.03 and a beta of 0.77.

ProPetro (NYSE:PUMP) last issued its quarterly earnings results on Wednesday, July 29th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). ProPetro had a negative return on equity of 1.49% and a negative net margin of 1.15%.The company had revenue of $305.81 million during the quarter, compared to analysts’ expectations of $304.48 million. During the same quarter in the previous year, the company earned ($0.07) EPS. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. Sell-side analysts predict that ProPetro will post -0.11 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 company’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $11.16, for a total value of $399,873.96. Following the completion of the transaction, the director 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 filing with the SEC, which is accessible through this link. Also, COO Adam Muñoz sold 70,696 shares of the stock in a transaction on 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 sale, the chief operating officer owned 148,691 shares of the company’s stock, valued at $1,660,878.47. The trade was a 32.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.55% of the company’s stock.

Hedge Funds Weigh In On ProPetro

Hedge funds have recently made changes to their positions in the business. Arlington Capital Management Inc. purchased a new stake in ProPetro during the 2nd quarter valued at approximately $3,830,000. Engineers Gate Manager LP raised its position in shares of ProPetro by 477.9% during the second quarter. Engineers Gate Manager LP now owns 297,809 shares of the company’s stock valued at $4,271,000 after buying an additional 246,278 shares during the last quarter. Squarepoint Ops LLC lifted its holdings in shares of ProPetro by 80.9% in the second quarter. Squarepoint Ops LLC now owns 622,179 shares of the company’s stock worth $8,922,000 after buying an additional 278,172 shares in the last quarter. Readystate Asset Management LP lifted its holdings in shares of ProPetro by 285.6% in the second quarter. Readystate Asset Management LP now owns 405,748 shares of the company’s stock worth $5,818,000 after buying an additional 300,535 shares in the last quarter. Finally, Situational Awareness LP boosted its position in shares of ProPetro by 115.4% during the second quarter. Situational Awareness LP now owns 1,960,382 shares of the company’s stock worth $28,112,000 after acquiring an additional 1,050,082 shares during the last quarter. Institutional investors own 84.70% of the company’s stock.

About ProPetro

ProPetro Holding Corp. is an oilfield services company that provides completion and production services to exploration and production companies developing unconventional oil and natural gas wells. The company primarily serves customers in the Permian Basin, including the Midland and Delaware basins of West Texas and southeastern New Mexico.

Its principal services include hydraulic fracturing, which uses high-pressure fluid to stimulate wells, as well as wireline services used for well evaluation, perforating and other completion activities.