ProPetro (NYSE:PUMP) Upgraded to Neutral at JPMorgan Chase & Co.

ProPetro (NYSE:PUMP - Get Free Report) was upgraded by JPMorgan Chase & Co. from an "underweight" rating to a "neutral" rating in a research report issued on Friday, Marketbeat.com reports. The firm currently has a $10.00 price target on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 26.42% from the company's previous close.

Several other research firms have also issued reports on PUMP. Barclays cut their price target on shares of ProPetro from $13.00 to $12.00 and set an "overweight" rating on the stock in a report on Wednesday, October 16th. Stifel Nicolaus dropped their target price on ProPetro from $12.00 to $11.00 and set a "buy" rating on the stock in a research note on Friday, October 11th. Finally, Citigroup decreased their price target on ProPetro from $8.50 to $8.00 and set a "neutral" rating for the company in a research note on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, ProPetro currently has an average rating of "Hold" and a consensus price target of $10.25.

ProPetro Stock Down 4.0 %

ProPetro stock traded down $0.33 during trading hours on Friday, reaching $7.91. The stock had a trading volume of 1,487,189 shares, compared to its average volume of 1,092,209. The business's 50 day moving average price is $7.96 and its 200-day moving average price is $8.26. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.14 and a current ratio of 1.20. ProPetro has a 52 week low of $6.53 and a 52 week high of $10.02.

Insider Activity at ProPetro

In other news, CFO David Scott Schorlemer bought 4,500 shares of the firm's stock in a transaction that occurred on Monday, November 4th. The stock was purchased at an average price of $6.86 per share, with a total value of $30,870.00. Following the completion of the acquisition, the chief financial officer now directly owns 112,992 shares of the company's stock, valued at $775,125.12. This trade represents a 4.15 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.88% of the stock is owned by insiders.

Hedge Funds Weigh In On ProPetro

Institutional investors have recently bought and sold shares of the business. CWM LLC lifted 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 purchasing an additional 1,267 shares during the period. GAMMA Investing LLC raised its stake 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 during the last quarter. Victory Capital Management Inc. boosted its stake in shares of ProPetro by 1.8% in the second quarter. Victory Capital Management Inc. now owns 111,904 shares of the company's stock worth $970,000 after buying an additional 1,990 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in ProPetro by 6.4% during the second quarter. The Manufacturers Life Insurance Company now owns 37,392 shares of the company's stock worth $324,000 after acquiring an additional 2,257 shares during the period. Finally, Federated Hermes Inc. raised 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 acquiring an additional 2,446 shares in the last quarter. 84.70% of the stock is owned by hedge funds and other institutional investors.

About ProPetro

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.