ProPetro (NYSE:PUMP) Shares Down 5.9% - Here's What Happened

Shares of ProPetro Holding Corp. (NYSE:PUMP - Get Free Report) dropped 5.9% during mid-day trading on Friday . The stock traded as low as $7.75 and last traded at $7.75. Approximately 158,189 shares changed hands during trading, a decline of 89% from the average daily volume of 1,421,194 shares. The stock had previously closed at $8.24.

Analyst Ratings Changes

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

ProPetro Trading Down 4.0 %

The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.14 and a current ratio of 1.20. The firm has a market capitalization of $814.18 million, a price-to-earnings ratio of -5.95 and a beta of 2.07. The company has a 50-day moving average price of $7.96 and a 200-day moving average price of $8.25.

Insider Buying and Selling

In related news, CFO David Scott Schorlemer acquired 4,500 shares of the firm's stock in a transaction on Monday, November 4th. The stock was bought 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 $775,125.12. The trade was a 4.15 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.88% of the stock is currently owned by company insiders.

Institutional Trading of ProPetro

Hedge funds and other institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. grew its holdings in ProPetro by 95.4% during the third quarter. Pacer Advisors Inc. now owns 7,152,687 shares of the company's stock worth $54,790,000 after acquiring an additional 3,491,723 shares during the period. SG Americas Securities LLC acquired a new position in shares of ProPetro during the 2nd quarter worth $746,000. Exchange Traded Concepts LLC purchased a new position in shares of ProPetro in the 3rd quarter valued at about $1,013,000. Creative Planning lifted its stake in shares of ProPetro by 80.0% in the third quarter. Creative Planning now owns 57,238 shares of the company's stock valued at $438,000 after purchasing an additional 25,445 shares during the period. Finally, B. Riley Wealth Advisors Inc. purchased a new stake in ProPetro during the second quarter worth about $764,000. Hedge funds and other institutional investors own 84.70% of the company's stock.

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.