ProPetro (NYSE:PUMP) Given New $15.00 Price Target at Barclays

ProPetro (NYSE:PUMP) had its target price decreased by analysts at Barclays from $17.00 to $15.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price target indicates a potential upside of 92.18% from the stock’s previous close.

PUMP has been the subject of a number of other research reports. Scotiabank initiated coverage on shares of ProPetro in a research report on Tuesday, September 29th. They set a “sector perform” rating and a $12.00 target price for the company. Citigroup lowered their price target on ProPetro from $16.00 to $14.50 and set a “buy” rating on the stock in a research report on Friday, October 2nd. Piper Sandler dropped their price objective on ProPetro from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Thursday, August 27th. Wall Street Zen cut ProPetro from a “hold” rating to a “sell” rating in a research report on Saturday, August 29th. Finally, Weiss Ratings downgraded ProPetro from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, September 29th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $14.85.

ProPetro Stock Performance

ProPetro stock traded down $0.07 during trading hours on Friday, reaching $7.80. 1,227,383 shares of the company were exchanged, compared to its average volume of 4,028,089. The firm has a market cap of $958.61 million, a price-to-earnings ratio of -70.95 and a beta of 0.86. The company has a current ratio of 3.49, a quick ratio of 4.00 and a debt-to-equity ratio of 0.83. The stock has a 50-day moving average of $9.66 and a 200 day moving average of $12.54. ProPetro has a 12 month low of $7.01 and a 12 month high of $18.50.

ProPetro (NYSE:PUMP) last issued its quarterly earnings data on Wednesday, October 28th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.10. ProPetro had a net margin of 0.16% and a return on equity of 0.21%. The business had revenue of $355.38 million during the quarter, compared to analysts’ expectations of $320.44 million. During the same period in the previous year, the company earned ($0.02) earnings per share. ProPetro’s revenue for the quarter was up 20.9% on a year-over-year basis. As a group, research analysts anticipate that ProPetro will post -0.10 earnings per share for the current year.

Insider Buying and Selling at ProPetro

In related news, Director G Lawrence sold 35,831 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $11.16, for a total value of $399,873.96. Following the completion of the sale, the director owned 28,181 shares in the company, valued at approximately $314,499.96. This trade represents a 55.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Adam Muñoz sold 70,696 shares of ProPetro stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $11.17, for a total transaction of $789,674.32. Following the sale, the chief operating officer owned 148,691 shares in the company, valued at $1,660,878.47. This represents a 32.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.55% of the company’s stock.

Institutional Investors Weigh In On ProPetro

Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of ProPetro during the second quarter worth $130,574,000. Dimensional Fund Advisors LP boosted its holdings in ProPetro by 14.7% in the first quarter. Dimensional Fund Advisors LP now owns 6,481,970 shares of the company’s stock valued at $93,408,000 after acquiring an additional 831,823 shares during the last quarter. Assenagon Asset Management S.A. raised its stake 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 buying an additional 2,380,655 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of ProPetro by 10.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,449,379 shares of the company’s stock worth $49,706,000 after purchasing an additional 316,022 shares during the last quarter. Finally, Cooper Creek Partners Management LLC acquired a new stake in shares of ProPetro in the 1st quarter valued at approximately $42,748,000. 84.70% of the stock is owned by institutional investors and hedge funds.

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.