ProPetro (NYSE:PUMP) Shares Gap Up on Earnings Beat

ProPetro Holding Corp. (NYSE:PUMP)’s share price gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $5.27, but opened at $5.98. ProPetro shares last traded at $5.67, with a volume of 447,786 shares.

The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. ProPetro had a negative net margin of 9.55% and a positive return on equity of 3.20%. ProPetro’s quarterly revenue was down 11.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.18 earnings per share.

Analyst Upgrades and Downgrades

PUMP has been the topic of several research reports. Citigroup upped their price objective on ProPetro from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. Barclays lowered their price target on shares of ProPetro from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Monday, March 3rd. Benchmark reiterated a “hold” rating on shares of ProPetro in a report on Thursday, February 20th. Finally, Stifel Nicolaus lifted their price target on ProPetro from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $10.75.

Hedge Funds Weigh In On ProPetro

Large investors have recently bought and sold shares of the stock. Principal Financial Group Inc. grew its holdings in ProPetro by 2.7% during the first quarter. Principal Financial Group Inc. now owns 395,202 shares of the company’s stock valued at $2,905,000 after purchasing an additional 10,434 shares during the period. Teacher Retirement System of Texas bought a new position in ProPetro in the 1st quarter worth approximately $89,000. Integrated Advisors Network LLC bought a new stake in ProPetro during the 1st quarter valued at $189,000. Wedge Capital Management L L P NC boosted its holdings in shares of ProPetro by 31.1% in the first quarter. Wedge Capital Management L L P NC now owns 148,363 shares of the company’s stock worth $1,090,000 after acquiring an additional 35,193 shares during the period. Finally, GAMMA Investing LLC boosted its stake in ProPetro by 714.0% in the 1st quarter. GAMMA Investing LLC now owns 36,191 shares of the company’s stock worth $266,000 after purchasing an additional 31,745 shares during the period. 84.70% of the stock is currently owned by institutional investors.

ProPetro Stock Performance

The company has a 50-day moving average price of $6.66 and a two-hundred day moving average price of $8.05. The stock has a market capitalization of $606.93 million, a P/E ratio of -4.32 and a beta of 1.58. The company has a quick ratio of 1.14, a current ratio of 1.31 and a debt-to-equity ratio of 0.06.

About ProPetro

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.