ProPetro (NYSE:PUMP) Shares Up 4.6% – Here’s What Happened

ProPetro Holding Corp. (NYSE:PUMP) shares shot up 4.6% on Tuesday . The company traded as high as $6.65 and last traded at $6.74. 69,451 shares changed hands during trading, a decline of 96% from the average session volume of 1,561,567 shares. The stock had previously closed at $6.44.

Analyst Ratings Changes

PUMP has been the subject of a number of analyst reports. Stifel Nicolaus cut their price target on ProPetro from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. Barclays decreased 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 reaffirmed a “hold” rating on shares of ProPetro in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. cut their price objective on ProPetro from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 28th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, ProPetro has an average rating of “Hold” and an average target price of $9.75.

ProPetro Trading Up 6.6%

The firm has a market capitalization of $713.34 million, a price-to-earnings ratio of -5.12 and a beta of 1.17. The company has a 50 day moving average price of $5.57 and a two-hundred day moving average price of $7.53. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.14 and a current ratio of 1.31.

ProPetro (NYSE:PUMP) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. The business had revenue of $359.42 million during the quarter, compared to analyst estimates of $344.36 million. ProPetro had a positive return on equity of 3.20% and a negative net margin of 9.55%. The business’s revenue was down 11.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.18 earnings per share. On average, research analysts forecast that ProPetro Holding Corp. will post 0.25 EPS for the current year.

Institutional Investors Weigh In On ProPetro

Several large investors have recently added to or reduced their stakes in PUMP. Quarry LP purchased a new position in ProPetro in the first quarter worth approximately $25,000. Smartleaf Asset Management LLC boosted its stake in shares of ProPetro by 205.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,983 shares of the company’s stock worth $28,000 after buying an additional 2,005 shares during the period. Headlands Technologies LLC acquired a new position in shares of ProPetro during the first quarter worth about $32,000. State of Wyoming purchased a new stake in ProPetro in the 1st quarter valued at approximately $48,000. Finally, Aigen Investment Management LP purchased a new position in ProPetro in the first quarter worth $80,000. 84.70% of the stock is owned by hedge funds and other institutional investors.

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.