ProPetro (NYSE:PUMP) Now Covered by Scotiabank

Research analysts at Scotiabank began coverage on shares of ProPetro (NYSE:PUMP) in a research note issued on Tuesday, Marketbeat reports. The brokerage set a “sector perform” rating and a $12.00 price target on the stock. Scotiabank’s price target would indicate a potential upside of 28.92% from the company’s previous close.

Several other analysts have also weighed in on PUMP. Citigroup decreased their price objective on ProPetro from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, August 3rd. Stifel Nicolaus reduced their target price on ProPetro from $23.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. Wall Street Zen downgraded shares of ProPetro from a “hold” rating to a “sell” rating in a research note on Saturday, August 29th. Barclays decreased their price target on shares of ProPetro from $23.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 5th. Finally, Piper Sandler dropped their price objective on shares of ProPetro from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Thursday, August 27th. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.40.

ProPetro Stock Down 2.9%

PUMP stock opened at $9.31 on Tuesday. ProPetro has a twelve month low of $4.87 and a twelve month high of $18.50. The company has a market cap of $1.14 billion, a PE ratio of -84.62 and a beta of 0.77. The business’s 50-day simple moving average is $11.16 and its 200 day simple moving average is $13.59. The company has a quick ratio of 4.00, a current ratio of 4.09 and a debt-to-equity ratio of 0.80.

ProPetro (NYSE:PUMP) last posted its quarterly earnings results on Wednesday, July 29th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.06). The firm had revenue of $305.81 million during the quarter, compared to analyst estimates of $304.48 million. ProPetro had a negative net margin of 1.15% and a negative return on equity of 1.49%. The company’s revenue was down 6.3% on a year-over-year basis. During the same period last year, the company earned ($0.07) EPS. On average, research analysts anticipate that ProPetro will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In other ProPetro news, 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 completion of the transaction, the chief operating officer directly owned 148,691 shares of the company’s stock, valued at approximately $1,660,878.47. This trade represents a 32.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director G Lawrence sold 35,831 shares of ProPetro stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $11.16, for a total value of $399,873.96. Following the transaction, the director directly owned 28,181 shares of the company’s stock, valued at approximately $314,499.96. The trade was a 55.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.55% of the company’s stock.

Institutional Investors Weigh In On ProPetro

Hedge funds have recently made changes to their positions in the company. Public Employees Retirement System of Ohio bought a new position in ProPetro during the 2nd quarter valued at about $74,000. State of Wyoming acquired a new position in ProPetro in the first quarter valued at about $83,000. Caitong International Asset Management Co. Ltd bought a new stake in ProPetro during the fourth quarter worth about $111,000. Sequoia Financial Advisors LLC bought a new stake in ProPetro during the first quarter worth about $177,000. Finally, Alpine Global Management LLC acquired a new stake in shares of ProPetro during the fourth quarter worth approximately $118,000. Institutional investors and hedge funds 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 exploration and production companies developing unconventional oil and natural gas wells. The company primarily serves customers in the Permian Basin, including the Midland and Delaware basins of West Texas and southeastern New Mexico.

Its principal services include hydraulic fracturing, which uses high-pressure fluid to stimulate wells, as well as wireline services used for well evaluation, perforating and other completion activities.