ProPetro (NYSE:PUMP) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of ProPetro (NYSE:PUMP) from a sell rating to a hold rating in a report published on Saturday morning,Wall Street Zen reports.

A number of other brokerages have also weighed in on PUMP. Stifel Nicolaus reduced their price target on shares of ProPetro from $23.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 3rd. Morgan Stanley lowered their price objective on shares of ProPetro from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 14th. Scotiabank boosted their target price on ProPetro from $12.00 to $16.00 and gave the stock a “sector perform” rating in a report on Friday. Citigroup cut their target price on ProPetro from $16.00 to $14.50 and set a “buy” rating for the company in a research report on Friday, October 2nd. Finally, Barclays decreased their price target on ProPetro from $17.00 to $15.00 and set an “overweight” rating for the company in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $15.25.

ProPetro Stock Performance

PUMP stock opened at $6.97 on Friday. The company has a 50-day simple moving average of $9.50 and a 200 day simple moving average of $12.51. The company has a quick ratio of 4.00, a current ratio of 3.49 and a debt-to-equity ratio of 0.83. ProPetro has a fifty-two week low of $6.93 and a fifty-two week high of $18.50.

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

Institutional Investors Weigh In On ProPetro

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in shares of ProPetro in the 2nd quarter worth $130,574,000. Cooper Creek Partners Management LLC acquired a new stake in shares of ProPetro during the first quarter worth $42,748,000. Assenagon Asset Management S.A. lifted its holdings 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 valued at $32,573,000 after purchasing an additional 2,380,655 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of ProPetro by 882.3% during the second quarter. Wellington Management Group LLP now owns 2,290,361 shares of the company’s stock valued at $32,844,000 after purchasing an additional 2,057,195 shares during the last quarter. Finally, Fund 1 Investments LLC lifted its holdings in shares of ProPetro by 2,653.6% during the second quarter. Fund 1 Investments LLC now owns 1,793,882 shares of the company’s stock valued at $25,724,000 after purchasing an additional 1,728,736 shares during the last quarter. 84.70% of the stock is owned by institutional investors and hedge funds.

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.