ProPetro (NYSE:PUMP) Hits New 52-Week High – Here’s Why

ProPetro Holding Corp. (NYSE:PUMP) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $10.06 and last traded at $10.00, with a volume of 568323 shares trading hands. The stock had previously closed at $9.33.

Analysts Set New Price Targets

A number of analysts recently commented on the company. JPMorgan Chase & Co. raised ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 target price for the company in a research report on Friday, December 6th. Citigroup lowered their price objective on shares of ProPetro from $8.50 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. Barclays decreased their target price on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Finally, Stifel Nicolaus lowered their target price on shares of ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, ProPetro currently has an average rating of “Hold” and a consensus target price of $10.25.

ProPetro Stock Performance

The company has a market cap of $1.02 billion, a PE ratio of -7.44 and a beta of 2.07. The company’s fifty day moving average price is $8.32 and its 200 day moving average price is $8.23. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.20 and a quick ratio of 1.14.

Insiders Place Their Bets

In related news, CFO David Scott Schorlemer acquired 4,500 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was acquired at an average price of $6.86 per share, for a total transaction of $30,870.00. Following the completion of the acquisition, the chief financial officer now owns 112,992 shares of the company’s stock, valued at approximately $775,125.12. This represents a 4.15 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.88% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC lifted its stake in ProPetro by 84.3% in the third quarter. GAMMA Investing LLC now owns 3,221 shares of the company’s stock valued at $25,000 after purchasing an additional 1,473 shares during the last quarter. Quarry LP bought a new stake in shares of ProPetro in the second quarter valued at $40,000. nVerses Capital LLC lifted its position in shares of ProPetro by 226.3% during the 3rd quarter. nVerses Capital LLC now owns 6,200 shares of the company’s stock valued at $47,000 after buying an additional 4,300 shares during the last quarter. CWM LLC grew its stake in shares of ProPetro by 17.2% during the 3rd quarter. CWM LLC now owns 8,624 shares of the company’s stock worth $66,000 after acquiring an additional 1,267 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in ProPetro in the 3rd quarter worth about $77,000. 84.70% of the stock is owned by institutional investors.

ProPetro Company Profile

ProPetro Holding Corp. operates as an integrated oilfield services company. The company provides hydraulic fracturing, wireline, cementing, and other complementary oilfield completion services to upstream oil and gas companies in the Permian Basin. ProPetro Holding Corp. was founded in 2007 and is headquartered in Midland, Texas.