ProPetro (NYSE:PUMP) Trading Down 7% – Time to Sell?

ProPetro Holding Corp. (NYSE:PUMP)’s share price fell 7% during mid-day trading on Tuesday . The company traded as low as $9.43 and last traded at $9.4790. 510,232 shares changed hands during trading, a decline of 78% from the average session volume of 2,297,199 shares. The stock had previously closed at $10.19.

Analyst Upgrades and Downgrades

A number of research firms have commented on PUMP. Piper Sandler upgraded shares of ProPetro from a “neutral” rating to an “overweight” rating and set a $16.00 price target on the stock in a research report on Monday, November 3rd. JPMorgan Chase & Co. raised ProPetro from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $7.00 to $13.00 in a research note on Wednesday, December 10th. Wolfe Research raised shares of ProPetro to a “buy” rating and set a $13.00 price objective on the stock in a research report on Wednesday, December 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of ProPetro in a research note on Monday, December 8th. Finally, Barclays raised their price target on shares of ProPetro from $5.00 to $10.00 and gave the company an “equal weight” rating in a report on Monday, November 3rd. Four research 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. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $12.33.

ProPetro Stock Performance

The stock has a market cap of $986.27 million, a P/E ratio of -55.85 and a beta of 0.80. The firm has a 50 day moving average of $8.83 and a two-hundred day moving average of $6.68. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.19 and a current ratio of 1.26.

ProPetro (NYSE:PUMP) last announced its quarterly earnings results on Wednesday, October 29th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. ProPetro had a negative net margin of 1.31% and a negative return on equity of 0.06%. The firm had revenue of $293.92 million during the quarter, compared to analysts’ expectations of $266.25 million. During the same quarter last year, the company earned ($1.32) earnings per share. The company’s revenue for the quarter was down 18.6% compared to the same quarter last year. On average, research analysts predict that ProPetro Holding Corp. will post 0.25 EPS for the current fiscal year.

Insider Buying and Selling at ProPetro

In other ProPetro news, Director Michele Vion sold 6,916 shares of ProPetro stock in a transaction on Friday, October 31st. The stock was sold at an average price of $10.64, for a total transaction of $73,586.24. Following the completion of the transaction, the director directly owned 45,029 shares of the company’s stock, valued at approximately $479,108.56. This trade represents a 13.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director G Larry Lawrence sold 27,000 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $10.84, for a total transaction of $292,680.00. Following the completion of the sale, the director directly owned 35,831 shares of the company’s stock, valued at approximately $388,408.04. This represents a 42.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On ProPetro

Large investors have recently modified their holdings of the business. Sourcerock Group LLC raised its stake in ProPetro by 66.4% in the 2nd quarter. Sourcerock Group LLC now owns 8,408,391 shares of the company’s stock valued at $50,198,000 after acquiring an additional 3,355,848 shares during the period. Philosophy Capital Management LLC grew its holdings in shares of ProPetro by 14.8% during the 3rd quarter. Philosophy Capital Management LLC now owns 4,047,280 shares of the company’s stock valued at $21,208,000 after purchasing an additional 520,327 shares during the last quarter. American Century Companies Inc. increased its position in ProPetro by 5.4% during the 3rd quarter. American Century Companies Inc. now owns 3,748,788 shares of the company’s stock worth $19,644,000 after purchasing an additional 192,638 shares in the last quarter. VR Advisory Services Ltd boosted its position in ProPetro by 213.2% in the third quarter. VR Advisory Services Ltd now owns 3,679,359 shares of the company’s stock valued at $19,280,000 after buying an additional 2,504,634 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of ProPetro by 209.5% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,704,145 shares of the company’s stock worth $14,170,000 after buying an additional 1,830,399 shares during the last quarter. 84.70% of the stock is currently 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.