ProPetro (NYSE:PUMP) Shares Down 3.4% - Here's What Happened

Shares of ProPetro Holding Corp. (NYSE:PUMP - Get Free Report) fell 3.4% during trading on Friday . The stock traded as low as $10.50 and last traded at $10.33. 87,593 shares were traded during trading, a decline of 94% from the average session volume of 1,369,599 shares. The stock had previously closed at $10.69.

Wall Street Analyst Weigh In

Several research firms have commented on PUMP. Stifel Nicolaus lowered 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. Barclays reduced their target price on shares of ProPetro from $13.00 to $12.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 16th. JPMorgan Chase & Co. raised shares of ProPetro from an "underweight" rating to a "neutral" rating and set a $10.00 target price on the stock in a research note on Friday, December 6th. Finally, Citigroup increased their target price on shares of ProPetro from $8.00 to $10.00 and gave the company a "neutral" rating in a research note on Tuesday, January 7th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, ProPetro currently has a consensus rating of "Hold" and an average target price of $10.75.

ProPetro Stock Down 1.4 %

The company has a current ratio of 1.20, a quick ratio of 1.14 and a debt-to-equity ratio of 0.05. The firm has a market cap of $1.08 billion, a PE ratio of -7.92 and a beta of 2.00. The business's 50-day simple moving average is $9.29 and its 200 day simple moving average is $8.47.

Insider Activity

In related news, CFO David Scott Schorlemer bought 4,500 shares of the stock in a transaction that occurred on 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 purchase, the chief financial officer now directly owns 112,992 shares of the company's stock, valued at approximately $775,125.12. This trade represents a 4.15 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.88% of the company's stock.

Institutional Trading of ProPetro

A number of institutional investors have recently bought and sold shares of PUMP. Dimensional Fund Advisors LP boosted its stake in ProPetro by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,095,253 shares of the company's stock worth $61,515,000 after purchasing an additional 54,555 shares in the last quarter. Vanguard Personalized Indexing Management LLC acquired a new stake in ProPetro during the 2nd quarter valued at approximately $94,000. XTX Topco Ltd acquired a new stake in ProPetro during the 2nd quarter valued at approximately $99,000. Intech Investment Management LLC acquired a new stake in ProPetro during the 2nd quarter valued at approximately $263,000. Finally, Sei Investments Co. lifted its stake in ProPetro by 10.9% during the 2nd quarter. Sei Investments Co. now owns 43,657 shares of the company's stock valued at $379,000 after acquiring an additional 4,276 shares during the period. 84.70% of the stock is currently owned by institutional investors and hedge funds.

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.