ProPetro (NYSE:PUMP) Trading Up 6.6% – What’s Next?

Shares of ProPetro Holding Corp. (NYSE:PUMP) were up 6.6% on Tuesday . The stock traded as high as $5.28 and last traded at $5.28. Approximately 219,307 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 1,989,743 shares. The stock had previously closed at $4.95.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Piper Sandler lowered their price objective on shares of ProPetro from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Thursday, August 14th. Stifel Nicolaus set a $10.00 price target on shares of ProPetro and gave the company a “buy” rating in a report on Wednesday, July 16th. Zacks Research downgraded shares of ProPetro from a “hold” rating to a “strong sell” rating in a research note on Monday, September 1st. JPMorgan Chase & Co. cut their price objective on shares of ProPetro from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, May 28th. Finally, Citigroup lowered their target price on ProPetro from $6.50 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, September 9th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $7.80.

ProPetro Trading Up 4.5%

The company has a debt-to-equity ratio of 0.07, a current ratio of 1.42 and a quick ratio of 1.35. The firm has a market cap of $538.04 million, a PE ratio of -3.52 and a beta of 1.13. The company’s 50 day moving average price is $5.10 and its 200 day moving average price is $5.71.

ProPetro (NYSE:PUMP) last released its earnings results on Wednesday, July 30th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.10). ProPetro had a positive return on equity of 1.84% and a negative net margin of 11.10%.The business had revenue of $326.15 million for the quarter, compared to analyst estimates of $331.26 million. During the same quarter last year, the company earned ($0.03) earnings per share. ProPetro’s quarterly revenue was down 9.2% compared to the same quarter last year. As a group, analysts forecast that ProPetro Holding Corp. will post 0.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sourcerock Group LLC increased its stake in shares of ProPetro by 66.4% during the second quarter. Sourcerock Group LLC now owns 8,408,391 shares of the company’s stock worth $50,198,000 after buying an additional 3,355,848 shares during the period. American Century Companies Inc. increased its holdings in ProPetro by 3.1% in the second quarter. American Century Companies Inc. now owns 3,556,150 shares of the company’s stock valued at $21,230,000 after buying an additional 107,090 shares in the last quarter. Philosophy Capital Management LLC raised its holdings in shares of ProPetro by 23.2% in the first quarter. Philosophy Capital Management LLC now owns 2,820,887 shares of the company’s stock worth $20,734,000 after acquiring an additional 531,751 shares during the last quarter. Nuveen LLC acquired a new position in ProPetro in the 1st quarter valued at about $11,757,000. Finally, VR Advisory Services Ltd purchased a new position in shares of ProPetro during the first quarter valued at approximately $8,634,000. 84.70% of the stock is owned by institutional investors and hedge funds.

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.