ProPetro (NYSE:PUMP) Stock Gets Price Target Cut from Citigroup

ProPetro (NYSE:PUMP) had its price target decreased by Citigroup from $14.50 to $12.00 in a report published on Wednesday,Benzinga reports. Citigroup currently has a buy rating on the stock.

PUMP has been the subject of several other research reports. Stifel Nicolaus decreased their price objective on shares of ProPetro from $23.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 3rd. Wall Street Zen upgraded ProPetro from a “sell” rating to a “hold” rating in a research report on Saturday, October 31st. Freedom Broker upgraded ProPetro from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 29th. Weiss Ratings upgraded ProPetro from a “sell (e+)” rating to a “sell (d+)” rating in a report on Monday. Finally, Scotiabank raised their price target on ProPetro from $12.00 to $16.00 and gave the stock a “sector perform” rating in a research note on Friday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $15.00.

ProPetro Stock Performance

PUMP stock traded up $0.38 during mid-day trading on Wednesday, reaching $6.39. 6,150,506 shares of the stock traded hands, compared to its average volume of 5,249,424. ProPetro has a one year low of $5.95 and a one year high of $18.50. The company has a current ratio of 3.49, a quick ratio of 3.41 and a debt-to-equity ratio of 0.83. The business has a 50-day moving average price of $9.16 and a two-hundred day moving average price of $12.43.

ProPetro (NYSE:PUMP) last released its earnings results on Wednesday, October 28th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.10. ProPetro had a net margin of 0.16% and a return on equity of 0.21%. The firm had revenue of $355.38 million during the quarter, compared to analyst estimates of $320.44 million. During the same quarter last year, the business earned ($0.02) EPS. The business’s revenue was up 20.9% on a year-over-year basis. As a group, analysts forecast that ProPetro will post -0.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ProPetro

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in ProPetro in the 2nd quarter worth about $130,574,000. Cooper Creek Partners Management LLC purchased a new position in shares of ProPetro during the first quarter worth approximately $42,748,000. Assenagon Asset Management S.A. increased its position in shares of ProPetro by 182.6% during the third quarter. Assenagon Asset Management S.A. now owns 3,684,710 shares of the company’s stock worth $32,573,000 after acquiring an additional 2,380,655 shares during the period. Wellington Management Group LLP raised its stake in shares of ProPetro by 882.3% during the second quarter. Wellington Management Group LLP now owns 2,290,361 shares of the company’s stock valued at $32,844,000 after acquiring an additional 2,057,195 shares in the last quarter. Finally, Fund 1 Investments LLC raised its stake in shares of ProPetro by 2,653.6% during the second quarter. Fund 1 Investments LLC now owns 1,793,882 shares of the company’s stock valued at $25,724,000 after acquiring an additional 1,728,736 shares in the last quarter. Institutional investors own 84.70% of the company’s stock.

About ProPetro

ProPetro Holding Corp. is an oilfield services company that provides completion and production services to oil and natural gas exploration and production companies. Its primary offerings include hydraulic fracturing, well stimulation and wireline services used to prepare newly drilled wells for production and support ongoing well operations.

The company operates primarily in the Permian Basin, serving customers in the West Texas and southeastern New Mexico region. ProPetro’s services are focused on unconventional shale and tight-rock wells, where specialized pumping, pressure-control and downhole technologies are used to improve hydrocarbon recovery.

ProPetro was founded in 2007 and is headquartered in Midland, Texas.