Barclays Issues Positive Forecast for ProPetro (NYSE:PUMP) Stock Price

ProPetro (NYSE:PUMP) had its price objective upped by analysts at Barclays from $10.00 to $11.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s target price would indicate a potential upside of 24.13% from the stock’s previous close.

PUMP has been the topic of several other research reports. Citigroup boosted their target price on shares of ProPetro from $6.00 to $12.00 and gave the stock a “neutral” rating in a report on Friday, October 31st. Zacks Research upgraded shares of ProPetro from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 23rd. Wolfe Research raised shares of ProPetro to a “buy” rating and set a $13.00 price objective for the company in a report on Wednesday, December 10th. JPMorgan Chase & Co. raised ProPetro from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $7.00 to $13.00 in a report on Wednesday, December 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of ProPetro in a research report on Monday. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $12.50.

ProPetro Stock Performance

Shares of PUMP stock traded down $0.66 during trading hours on Wednesday, reaching $8.86. 1,104,193 shares of the company traded hands, compared to its average volume of 2,300,944. The firm has a 50-day moving average price of $8.92 and a 200 day moving average price of $6.71. The company has a market cap of $921.47 million, a P/E ratio of -52.14 and a beta of 0.80. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.26 and a quick ratio of 1.19. ProPetro has a 12-month low of $4.51 and a 12-month high of $11.66.

ProPetro (NYSE:PUMP) last released its 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 company had revenue of $293.92 million for the quarter, compared to analysts’ expectations of $266.25 million. During the same quarter last year, the business earned ($1.32) EPS. The firm’s revenue was down 18.6% compared to the same quarter last year. As a group, sell-side analysts predict that ProPetro will post 0.25 earnings per share for the current fiscal year.

Insider Transactions at ProPetro

In other ProPetro news, Director G Larry Lawrence sold 27,000 shares of the company’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $10.84, for a total transaction of $292,680.00. Following the sale, the director directly owned 35,831 shares in the company, valued at $388,408.04. This represents a 42.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Michele Vion sold 6,916 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $10.64, for a total value of $73,586.24. Following the completion of the sale, the director directly owned 45,029 shares of the company’s stock, valued at $479,108.56. The trade was a 13.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ProPetro

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

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.