ProPetro (NYSE:PUMP) Price Target Lowered to $12.00 at Barclays

ProPetro (NYSE:PUMP) had its target price lowered by Barclays from $13.00 to $12.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Separately, Stifel Nicolaus cut their target price on shares of ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Friday, October 11th.

ProPetro Trading Up 1.7 %

Shares of PUMP opened at $8.17 on Wednesday. ProPetro has a fifty-two week low of $6.74 and a fifty-two week high of $11.37. The firm has a market cap of $879.09 million, a price-to-earnings ratio of 12.19 and a beta of 2.02. The firm has a 50 day moving average price of $7.98 and a 200-day moving average price of $8.51. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.04 and a current ratio of 1.11.

ProPetro (NYSE:PUMP) last released its earnings results on Wednesday, July 31st. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.11). ProPetro had a net margin of 2.21% and a return on equity of 3.39%. The company had revenue of $357.00 million during the quarter, compared to the consensus estimate of $361.85 million. During the same period last year, the firm posted $0.34 EPS. The company’s revenue was down 17.9% on a year-over-year basis. As a group, equities research analysts forecast that ProPetro will post 0.24 earnings per share for the current year.

Insider Transactions at ProPetro

In other ProPetro news, Director Michele Vion sold 5,000 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $8.26, for a total transaction of $41,300.00. Following the transaction, the director now directly owns 34,006 shares of the company’s stock, valued at approximately $280,889.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On ProPetro

Hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its holdings in shares of ProPetro by 0.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,095,253 shares of the company’s stock valued at $61,515,000 after buying an additional 54,555 shares in the last quarter. Pacer Advisors Inc. purchased a new position in shares of ProPetro during the second quarter valued at approximately $31,741,000. American Century Companies Inc. boosted its position in shares of ProPetro by 21.3% in the 2nd quarter. American Century Companies Inc. now owns 2,515,579 shares of the company’s stock worth $21,810,000 after purchasing an additional 441,644 shares in the last quarter. Encompass Capital Advisors LLC grew its stake in shares of ProPetro by 2.4% in the 2nd quarter. Encompass Capital Advisors LLC now owns 1,526,485 shares of the company’s stock worth $13,235,000 after buying an additional 36,339 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in ProPetro by 1.8% during the second quarter. Bank of New York Mellon Corp now owns 780,498 shares of the company’s stock valued at $6,767,000 after buying an additional 14,144 shares during the last quarter. 84.70% of the stock is currently owned by institutional investors.

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.