ProPetro (NYSE:PUMP) Earns Equal Weight Rating from Analysts at Morgan Stanley

Morgan Stanley initiated coverage on shares of ProPetro (NYSE:PUMP) in a report released on Monday, MarketBeat.com reports. The firm issued an equal weight rating and a $13.00 price objective on the stock.

Several other equities analysts have also recently weighed in on the company. Citigroup cut their price objective on ProPetro from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. Piper Sandler dropped their price target on ProPetro from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Thursday, August 27th. The Goldman Sachs Group reiterated a “neutral” rating and set a $16.00 price target on shares of ProPetro in a report on Wednesday, June 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of ProPetro in a research report on Friday, July 31st. Finally, Barclays lowered their price objective on shares of ProPetro from $23.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 5th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $15.78.

ProPetro Stock Performance

NYSE:PUMP opened at $10.23 on Monday. The firm has a market capitalization of $1.26 billion, a PE ratio of -93.01 and a beta of 0.77. ProPetro has a 1 year low of $4.64 and a 1 year high of $18.50. The company has a current ratio of 4.09, a quick ratio of 4.00 and a debt-to-equity ratio of 0.80. The firm’s fifty day simple moving average is $11.67 and its 200 day simple moving average is $13.73.

ProPetro (NYSE:PUMP) last released its earnings results on Wednesday, July 29th. The company reported ($0.07) earnings per share 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 firm had revenue of $305.81 million for the quarter, compared to analyst estimates of $304.48 million. During the same period in the prior year, the firm earned ($0.07) EPS. The firm’s revenue was down 6.3% on a year-over-year basis. On average, sell-side analysts anticipate that ProPetro will post -0.11 EPS for the current year.

Insider Buying and Selling at ProPetro

In other ProPetro news, Director G Lawrence sold 35,831 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $11.16, for a total transaction of $399,873.96. Following the completion of the transaction, the director owned 28,181 shares in the company, valued at $314,499.96. This trade represents a 55.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Adam Muñoz sold 70,696 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were 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 directly owned 148,691 shares in the company, valued at approximately $1,660,878.47. This represents a 32.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.55% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

ProPetro Company Profile

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.