ProPetro (NYSE:PUMP) Shares Gap Up – Should You Buy?

ProPetro Holding Corp. (NYSE:PUMP) gapped up before the market opened on Wednesday . The stock had previously closed at $7.54, but opened at $7.91. ProPetro shares last traded at $7.58, with a volume of 69,482 shares changing hands.

Analyst Ratings Changes

Several research analysts have recently commented on PUMP shares. Barclays reduced their price target on ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Stifel Nicolaus decreased their price target 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.

ProPetro Stock Performance

The firm has a market cap of $780.17 million, a price-to-earnings ratio of 25.13 and a beta of 2.02. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.11 and a quick ratio of 1.04. The firm has a fifty day simple moving average of $7.87 and a two-hundred day simple moving average of $8.47.

ProPetro (NYSE:PUMP) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.03) earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $361.85 million. During the same quarter in the previous year, the company posted $0.34 EPS. The company’s revenue for the quarter was down 17.9% compared to the same quarter last year. On average, analysts expect that ProPetro Holding Corp. will post 0.17 EPS for the current year.

Insiders Place Their Bets

In other news, Director Michele Vion sold 5,000 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $8.26, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.97% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ProPetro

Several hedge funds have recently added to or reduced their stakes in the business. Hartree Partners LP acquired a new stake in shares of ProPetro during the 1st quarter worth approximately $3,259,000. Jennison Associates LLC purchased a new stake in shares of ProPetro during the 1st quarter worth about $960,000. Mutual Advisors LLC grew its position in shares of ProPetro by 49.5% during the 1st quarter. Mutual Advisors LLC now owns 182,152 shares of the company’s stock valued at $1,472,000 after acquiring an additional 60,334 shares during the period. 9258 Wealth Management LLC purchased a new position in shares of ProPetro in the 1st quarter valued at about $100,000. Finally, Quantbot Technologies LP purchased a new position in ProPetro during the first quarter worth approximately $551,000. 84.70% of the stock is owned by hedge funds and other 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.