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

ProPetro (NYSE:PUMP) had its target price decreased by Barclays from $17.00 to $15.00 in a report issued on Friday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other brokerages have also issued reports on PUMP. Morgan Stanley cut their target price on shares of ProPetro from $13.00 to $12.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 14th. Piper Sandler decreased their price target on shares of ProPetro from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Thursday, August 27th. Wall Street Zen downgraded ProPetro from a “hold” rating to a “sell” rating in a research report on Saturday, August 29th. Weiss Ratings lowered ProPetro from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, September 29th. Finally, Stifel Nicolaus reduced their price target on ProPetro from $23.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, ProPetro currently has an average rating of “Moderate Buy” and a consensus target price of $15.25.

ProPetro Stock Performance

PUMP stock opened at $7.72 on Friday. ProPetro has a fifty-two week low of $7.01 and a fifty-two week high of $18.50. The business’s 50-day moving average is $9.59 and its two-hundred day moving average is $12.53. The company has a debt-to-equity ratio of 0.83, a current ratio of 3.49 and a quick ratio of 4.00.

ProPetro (NYSE:PUMP) last released its quarterly earnings results 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. ProPetro had a return on equity of 0.21% and a net margin of 0.16%. The business had revenue of $355.38 million during the quarter, compared to the consensus estimate of $320.44 million. During the same period in the previous year, the company posted ($0.02) EPS. The business’s quarterly revenue was up 20.9% compared to the same quarter last year. On average, research analysts forecast that ProPetro will post -0.10 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Adam Muñoz sold 70,696 shares of ProPetro stock in a transaction that occurred on Tuesday, August 4th. The shares were 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 trade represents a 32.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director G Lawrence sold 35,831 shares of ProPetro stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $11.16, for a total transaction of $399,873.96. Following the sale, the director owned 28,181 shares in the company, valued at approximately $314,499.96. The trade was a 55.98% 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 Trading of ProPetro

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sterling Capital Management LLC boosted its stake in ProPetro by 1,062.2% during the third quarter. Sterling Capital Management LLC now owns 4,091 shares of the company’s stock valued at $36,000 after buying an additional 3,739 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in shares of ProPetro by 44.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 5,359 shares of the company’s stock worth $47,000 after acquiring an additional 1,653 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of ProPetro during the 2nd quarter valued at approximately $74,000. State of Wyoming bought a new position in shares of ProPetro during the 1st quarter valued at approximately $83,000. Finally, ProShare Advisors LLC grew its holdings in shares of ProPetro by 18.8% in the third quarter. ProShare Advisors LLC now owns 15,571 shares of the company’s stock valued at $138,000 after purchasing an additional 2,459 shares in the last quarter. 84.70% of the stock is currently owned by institutional investors.

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.