ProPetro (NYSE:PUMP) Shares Gap Down - Here's Why

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $7.75, but opened at $7.48. ProPetro shares last traded at $7.63, with a volume of 59,353 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Barclays dropped their target price on 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 objective on shares of ProPetro from $12.00 to $11.00 and set a "buy" rating for the company in a research report on Friday, October 11th.

ProPetro Price Performance

The company's 50-day moving average is $7.89 and its two-hundred day moving average is $8.48. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.11 and a quick ratio of 1.04. The firm has a market cap of $787.45 million, a P/E ratio of 25.20 and a beta of 2.02.

ProPetro (NYSE:PUMP - Get Free Report) last posted its earnings results on Wednesday, July 31st. The company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of $0.08 by ($0.11). The company had revenue of $357.00 million during the quarter, compared to the consensus estimate of $361.85 million. ProPetro had a return on equity of 3.39% and a net margin of 2.21%. The firm's revenue was down 17.9% compared to the same quarter last year. During the same period last year, the company posted $0.34 EPS. Sell-side analysts anticipate that ProPetro Holding Corp. will post 0.17 EPS for the current fiscal year.

Insider Transactions at ProPetro

In other news, Director Michele Vion sold 5,000 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $8.26, for a total value of $41,300.00. Following the completion of the transaction, the director now owns 34,006 shares of the company's stock, valued at approximately $280,889.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.97% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its holdings in ProPetro by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,095,253 shares of the company's stock valued at $61,515,000 after buying an additional 54,555 shares during the last quarter. Pacer Advisors Inc. bought a new position in ProPetro in the 2nd quarter valued at approximately $31,741,000. American Century Companies Inc. raised its holdings in ProPetro by 21.3% in the 2nd quarter. American Century Companies Inc. now owns 2,515,579 shares of the company's stock valued at $21,810,000 after buying an additional 441,644 shares during the last quarter. Encompass Capital Advisors LLC raised its holdings in ProPetro by 2.4% in the 2nd quarter. Encompass Capital Advisors LLC now owns 1,526,485 shares of the company's stock valued at $13,235,000 after buying an additional 36,339 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in ProPetro by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 780,498 shares of the company's stock valued at $6,767,000 after buying an additional 14,144 shares during the last quarter. Institutional investors own 84.70% of the company's stock.

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.