ProPetro (NYSE:PUMP) Sets New 52-Week High Following Analyst Upgrade

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report) shares hit a new 52-week high on Wednesday after Citigroup raised their price target on the stock from $8.00 to $10.00. Citigroup currently has a neutral rating on the stock. ProPetro traded as high as $10.17 and last traded at $9.98, with a volume of 1422210 shares trading hands. The stock had previously closed at $9.81.

A number of other equities analysts also recently weighed in on the stock. Stifel Nicolaus cut their price target on shares of ProPetro from $12.00 to $11.00 and set a "buy" rating on the stock in a research note on Friday, October 11th. JPMorgan Chase & Co. raised ProPetro from an "underweight" rating to a "neutral" rating and set a $10.00 target price on the stock in a research report on Friday, December 6th. Finally, Barclays reduced their target price on ProPetro from $13.00 to $12.00 and set an "overweight" rating on the stock in a report on Wednesday, October 16th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $10.75.

Insider Activity

In related news, CFO David Scott Schorlemer purchased 4,500 shares of ProPetro stock in a transaction that occurred on Monday, November 4th. The shares were purchased at an average cost of $6.86 per share, with a total value of $30,870.00. Following the transaction, the chief financial officer now owns 112,992 shares of the company's stock, valued at approximately $775,125.12. The trade was a 4.15 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.88% of the company's stock.

Institutional Trading of ProPetro

Hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC grew its holdings in 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 purchasing an additional 1,473 shares in the last quarter. Quarry LP purchased a new position in ProPetro in the 2nd quarter valued at about $40,000. nVerses Capital LLC grew its stake in shares of ProPetro by 226.3% during the third quarter. nVerses Capital LLC now owns 6,200 shares of the company's stock valued at $47,000 after acquiring an additional 4,300 shares in the last quarter. CWM LLC increased its position in shares of ProPetro by 17.2% during the third quarter. CWM LLC now owns 8,624 shares of the company's stock worth $66,000 after acquiring an additional 1,267 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of ProPetro in the third quarter worth about $77,000. Hedge funds and other institutional investors own 84.70% of the company's stock.

ProPetro Price Performance

The business has a fifty day moving average of $8.51 and a 200 day moving average of $8.28. 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 stock has a market cap of $1.03 billion, a PE ratio of -7.53 and a beta of 2.00.

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.