ProPetro (NYSE:PUMP) Reaches New 52-Week High After Analyst Upgrade

ProPetro Holding Corp. (NYSE:PUMP) hit a new 52-week high on Wednesday after Citigroup raised their price target on the stock from $8.00 to $10.00. Citigroup currently has a neutral rating on the stock. ProPetro traded as high as $10.17 and last traded at $9.98, with a volume of 1422210 shares traded. The stock had previously closed at $9.81.

A number of other brokerages also recently weighed in on PUMP. Barclays lowered their price target on ProPetro from $13.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Stifel Nicolaus reduced their price objective on ProPetro from $12.00 to $11.00 and set a “buy” rating for the company in a report on Friday, October 11th. Finally, JPMorgan Chase & Co. upgraded ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price objective for the company in a report on Friday, December 6th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $10.75.

Insider Transactions at ProPetro

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

Institutional Investors Weigh In On ProPetro

Several institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC boosted its stake in shares of ProPetro by 38.0% in the fourth quarter. GAMMA Investing LLC now owns 4,446 shares of the company’s stock valued at $41,000 after buying an additional 1,225 shares during the period. CWM LLC boosted its stake in shares of ProPetro by 17.2% in the third quarter. CWM LLC now owns 8,624 shares of the company’s stock valued at $66,000 after buying an additional 1,267 shares during the period. Victory Capital Management Inc. raised its position in ProPetro by 1.8% during the second quarter. Victory Capital Management Inc. now owns 111,904 shares of the company’s stock valued at $970,000 after purchasing an additional 1,990 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in ProPetro by 6.4% during the second quarter. The Manufacturers Life Insurance Company now owns 37,392 shares of the company’s stock valued at $324,000 after purchasing an additional 2,257 shares in the last quarter. Finally, Federated Hermes Inc. raised its position in ProPetro by 8.9% during the second quarter. Federated Hermes Inc. now owns 29,912 shares of the company’s stock valued at $259,000 after purchasing an additional 2,446 shares in the last quarter. 84.70% of the stock is currently owned by institutional investors.

ProPetro Trading Up 0.4 %

The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -7.53 and a beta of 2.00. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.20 and a quick ratio of 1.14. The firm’s 50-day simple moving average is $8.56 and its 200 day simple moving average is $8.29.

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.