ProPetro (NYSE:PUMP) Shares Down 9% - Here's What Happened

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report) shares were down 9% during trading on Monday . The stock traded as low as $4.90 and last traded at $4.93. Approximately 819,849 shares were traded during trading, a decline of 47% from the average daily volume of 1,551,839 shares. The stock had previously closed at $5.42.

Analysts Set New Price Targets

PUMP has been the topic of a number of research analyst reports. Benchmark reaffirmed a "hold" rating on shares of ProPetro in a report on Thursday, February 20th. Stifel Nicolaus lifted their target price on ProPetro from $11.00 to $12.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Citigroup raised their price target 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. Finally, Barclays decreased their price target on shares of ProPetro from $12.00 to $11.00 and set an "overweight" rating on the stock in a report on Monday, March 3rd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $10.75.

ProPetro Price Performance

The business has a 50-day simple moving average of $6.80 and a 200 day simple moving average of $8.09. The company has a current ratio of 1.31, a quick ratio of 1.14 and a debt-to-equity ratio of 0.06. The stock has a market cap of $544.35 million, a P/E ratio of -3.90 and a beta of 1.58.

Institutional Investors Weigh In On ProPetro

Several large investors have recently modified their holdings of the company. Sourcerock Group LLC bought a new stake in shares of ProPetro in the 4th quarter valued at $14,079,000. Van ECK Associates Corp boosted its position in shares of ProPetro by 57.3% during the 4th quarter. Van ECK Associates Corp now owns 1,527,598 shares of the company's stock worth $14,253,000 after purchasing an additional 556,747 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of ProPetro in the 4th quarter valued at about $4,934,000. Millennium Management LLC raised its stake in ProPetro by 359.2% during the 4th quarter. Millennium Management LLC now owns 508,817 shares of the company's stock worth $4,747,000 after buying an additional 398,021 shares during the period. Finally, Brandywine Global Investment Management LLC acquired a new stake in ProPetro in the fourth quarter valued at approximately $2,937,000. 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.