ProPetro (NYSE:PUMP) Hits New 52-Week High - Here's Why

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report)'s stock price hit a new 52-week high on Thursday . The stock traded as high as $10.06 and last traded at $10.00, with a volume of 568323 shares trading hands. The stock had previously closed at $9.33.

Analysts Set New Price Targets

Several analysts have recently issued reports on PUMP shares. Citigroup reduced their target price on shares of ProPetro from $8.50 to $8.00 and set a "neutral" rating for the company in a research note on Thursday, October 31st. JPMorgan Chase & Co. raised shares of ProPetro from an "underweight" rating to a "neutral" rating and set a $10.00 price objective for the company in a research report on Friday, December 6th. Stifel Nicolaus decreased their price objective on shares of ProPetro from $12.00 to $11.00 and set a "buy" rating for the company in a research note on Friday, October 11th. Finally, Barclays cut their target price on ProPetro from $13.00 to $12.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 16th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, ProPetro currently has a consensus rating of "Hold" and an average price target of $10.25.

ProPetro Price Performance

The stock has a market cap of $1.02 billion, a PE ratio of -7.42 and a beta of 2.07. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.20 and a quick ratio of 1.14. The firm's 50 day moving average price is $8.37 and its two-hundred day moving average price is $8.24.

Insider Activity

In other news, CFO David Scott Schorlemer acquired 4,500 shares of the business's stock in a transaction dated Monday, November 4th. The stock was bought at an average cost of $6.86 per share, for a total transaction of $30,870.00. Following the completion of the transaction, the chief financial officer now owns 112,992 shares of the company's stock, valued at $775,125.12. The trade was a 4.15 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.88% of the stock is owned by company insiders.

Institutional Investors Weigh In On ProPetro

Institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC raised its position in shares of ProPetro by 84.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,221 shares of the company's stock valued at $25,000 after buying an additional 1,473 shares in the last quarter. Quarry LP purchased a new position in ProPetro in the 2nd quarter worth $40,000. nVerses Capital LLC lifted its stake in ProPetro by 226.3% in the third quarter. nVerses Capital LLC now owns 6,200 shares of the company's stock worth $47,000 after purchasing an additional 4,300 shares during the last quarter. CWM LLC boosted 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 buying an additional 1,267 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of ProPetro during the third quarter valued at about $77,000. Hedge funds and other 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.