ProPetro (NYSE:PUMP) Hits New 1-Year Low on Analyst Downgrade

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report) reached a new 52-week low during mid-day trading on Friday after Citigroup lowered their price target on the stock from $8.50 to $8.00. Citigroup currently has a neutral rating on the stock. ProPetro traded as low as $6.74 and last traded at $6.75, with a volume of 279053 shares traded. The stock had previously closed at $6.91.

Several other research analysts also recently commented on the stock. Barclays cut their price objective on shares of ProPetro from $13.00 to $12.00 and set an "overweight" rating for the company in a report on Wednesday, October 16th. Stifel Nicolaus cut their price target on ProPetro from $12.00 to $11.00 and set a "buy" rating for the company in a report on Friday, October 11th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $10.33.

Insider Activity

In related news, Director Michele Vion sold 5,000 shares of the company's stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $8.26, for a total value of $41,300.00. Following the transaction, the director now directly owns 34,006 shares in the company, valued at approximately $280,889.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.88% of the company's stock.

Hedge Funds Weigh In On ProPetro

Several institutional investors have recently modified their holdings of PUMP. CWM LLC grew its position in ProPetro by 17.2% during the third quarter. CWM LLC now owns 8,624 shares of the company's stock valued at $66,000 after acquiring an additional 1,267 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of ProPetro by 84.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,221 shares of the company's stock valued at $25,000 after purchasing an additional 1,473 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of ProPetro by 1.8% during the 2nd quarter. Victory Capital Management Inc. now owns 111,904 shares of the company's stock valued at $970,000 after purchasing an additional 1,990 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in ProPetro by 6.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,392 shares of the company's stock worth $324,000 after purchasing an additional 2,257 shares during the period. Finally, Federated Hermes Inc. boosted its position in ProPetro by 8.9% during the second quarter. Federated Hermes Inc. now owns 29,912 shares of the company's stock valued at $259,000 after buying an additional 2,446 shares during the period. 84.70% of the stock is currently owned by institutional investors.

ProPetro Stock Down 4.8 %

The stock has a market capitalization of $685.37 million, a P/E ratio of -5.20 and a beta of 2.02. The stock has a 50 day moving average price of $7.83 and a 200-day moving average price of $8.45. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.20 and a quick ratio of 1.04.

ProPetro (NYSE:PUMP - Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates of $0.08 by ($0.11). ProPetro had a negative net margin of 9.37% and a positive return on equity of 1.31%. The company had revenue of $357.00 million for the quarter, compared to analysts' expectations of $361.85 million. During the same period last year, the company posted $0.34 EPS. The business's revenue for the quarter was down 17.9% compared to the same quarter last year. As a group, research analysts expect that ProPetro Holding Corp. will post 0.17 EPS for the current fiscal year.

ProPetro Company Profile

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.