ProPetro (NYSE:PUMP) Hits New 52-Week Low Following Analyst Downgrade

Shares of ProPetro Holding Corp. (NYSE:PUMP) reached a new 52-week low on Monday after Barclays lowered their price target on the stock from $17.00 to $15.00. Barclays currently has an overweight rating on the stock. ProPetro traded as low as $6.93 and last traded at $6.97, with a volume of 4,987,642 shares. The stock had previously closed at $7.73.

Several other equities analysts also recently commented on the stock. Scotiabank started coverage on shares of ProPetro in a report on Tuesday, September 29th. They issued a “sector perform” rating and a $12.00 target price on the stock. Stifel Nicolaus lowered their price objective on shares of ProPetro from $23.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. Morgan Stanley decreased their target price on shares of ProPetro from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 14th. Weiss Ratings lowered ProPetro from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, September 29th. Finally, Piper Sandler dropped their target price on ProPetro from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Thursday, August 27th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $15.25.

Insider Activity at ProPetro

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

Institutional Investors Weigh In On ProPetro

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PUMP. BlackRock Inc. bought a new position in ProPetro in the 2nd quarter worth about $130,574,000. Dimensional Fund Advisors LP boosted its holdings in shares of 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 purchasing an additional 831,823 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of ProPetro by 182.6% in the third quarter. Assenagon Asset Management S.A. now owns 3,684,710 shares of the company’s stock valued at $32,573,000 after purchasing an additional 2,380,655 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in ProPetro by 10.1% in the first 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 in the last quarter. Finally, Cooper Creek Partners Management LLC bought a new position in ProPetro in the first quarter worth approximately $42,748,000. Institutional investors own 84.70% of the company’s stock.

ProPetro Trading Down 9.8%

The firm has a fifty day simple moving average of $9.59 and a 200 day simple moving average of $12.53. The company has a current ratio of 3.49, a quick ratio of 3.41 and a debt-to-equity ratio of 0.83.

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

ProPetro Company Profile

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.