ProPetro (NYSE:PUMP) Stock Price Up 4.4% - Here's Why

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report)'s share price was up 4.4% during trading on Monday . The company traded as high as $9.47 and last traded at $9.44. Approximately 382,027 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 1,506,832 shares. The stock had previously closed at $9.04.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PUMP. Citigroup lowered 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. 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. 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 report on Friday, December 6th. Finally, Barclays lowered their target price on ProPetro from $13.00 to $12.00 and set an "overweight" rating for the company in a report on Wednesday, October 16th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $10.25.

ProPetro Stock Performance

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 stock's fifty day moving average is $8.26 and its two-hundred day moving average is $8.22. The firm has a market cap of $951.07 million, a price-to-earnings ratio of -6.95 and a beta of 2.07.

Insider Activity at ProPetro

In related 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, for a total transaction of $30,870.00. Following the transaction, the chief financial officer now directly owns 112,992 shares of the company's stock, valued at approximately $775,125.12. This represents a 4.15 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is owned by insiders.

Institutional Trading of ProPetro

A number of hedge funds and other institutional investors have recently made changes to their positions in PUMP. GAMMA Investing LLC increased its stake in shares of ProPetro by 84.3% during the third quarter. GAMMA Investing LLC now owns 3,221 shares of the company's stock valued at $25,000 after acquiring an additional 1,473 shares during the period. Quarry LP acquired a new position in shares of ProPetro during the 2nd quarter valued at $40,000. nVerses Capital LLC raised its stake in shares of ProPetro by 226.3% in the 3rd quarter. nVerses Capital LLC now owns 6,200 shares of the company's stock worth $47,000 after buying an additional 4,300 shares in the last quarter. CWM LLC lifted its holdings in shares of ProPetro by 17.2% in 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, Chilton Capital Management LLC boosted its stake in ProPetro by 87.1% during the second quarter. Chilton Capital Management LLC now owns 8,595 shares of the company's stock valued at $75,000 after buying an additional 4,000 shares in the last quarter. 84.70% of the stock is currently owned by institutional investors.

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.