Brokerages Set ProPetro Holding Corp. (NYSE:PUMP) Price Target at $8.80

Shares of ProPetro Holding Corp. (NYSE:PUMP) have been given an average rating of “Hold” by the seven ratings firms that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $7.80.

A number of brokerages have recently issued reports on PUMP. JPMorgan Chase & Co. dropped their price target on shares of ProPetro from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 28th. Piper Sandler cut their price target on shares of ProPetro from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Thursday, August 14th. Citigroup cut their price target on shares of ProPetro from $6.50 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday. Zacks Research cut shares of ProPetro from a “hold” rating to a “strong sell” rating in a research report on Monday, September 1st. Finally, Stifel Nicolaus set a $10.00 price target on shares of ProPetro and gave the company a “buy” rating in a research report on Wednesday, July 16th.

ProPetro Stock Performance

Shares of NYSE:PUMP opened at $4.55 on Wednesday. The company’s 50 day simple moving average is $5.39 and its 200 day simple moving average is $5.93. The stock has a market capitalization of $473.06 million, a price-to-earnings ratio of -3.10 and a beta of 1.13. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.42 and a quick ratio of 1.35. ProPetro has a 1 year low of $4.51 and a 1 year high of $11.17.

ProPetro (NYSE:PUMP) last posted its earnings results on Wednesday, July 30th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.10). The company had revenue of $326.15 million for the quarter, compared to the consensus estimate of $331.26 million. ProPetro had a positive return on equity of 1.84% and a negative net margin of 11.10%.The business’s quarterly revenue was down 9.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.03) EPS. As a group, research analysts predict that ProPetro will post 0.25 EPS for the current fiscal year.

Institutional Investors Weigh In On ProPetro

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Squarepoint Ops LLC increased its stake in ProPetro by 127.3% in the 2nd quarter. Squarepoint Ops LLC now owns 102,166 shares of the company’s stock valued at $610,000 after buying an additional 57,226 shares during the last quarter. Public Sector Pension Investment Board boosted its holdings in shares of ProPetro by 8.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 272,763 shares of the company’s stock worth $1,628,000 after buying an additional 21,451 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of ProPetro by 70.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,789 shares of the company’s stock worth $64,000 after buying an additional 4,461 shares during the last quarter. Sourcerock Group LLC boosted its holdings in shares of ProPetro by 66.4% in the 2nd 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. Finally, Lazard Asset Management LLC boosted its holdings in shares of ProPetro by 6.5% in the 2nd quarter. Lazard Asset Management LLC now owns 61,236 shares of the company’s stock worth $364,000 after buying an additional 3,732 shares during the last quarter. Hedge funds and other institutional investors own 84.70% of the company’s stock.

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.