Citigroup Cuts ProPetro (NYSE:PUMP) Price Target to $8.00

ProPetro (NYSE:PUMP) had its target price reduced by equities researchers at Citigroup from $8.50 to $8.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price target would indicate a potential upside of 15.77% from the stock’s current price.

Several other equities research analysts have also weighed in on PUMP. Stifel Nicolaus reduced their price objective on ProPetro from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Barclays reduced their price objective on ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $10.33.

ProPetro Stock Performance

PUMP traded down $0.30 during trading hours on Thursday, hitting $6.91. The company’s stock had a trading volume of 1,592,801 shares, compared to its average volume of 1,440,273. ProPetro has a fifty-two week low of $6.74 and a fifty-two week high of $11.37. The company has a current ratio of 1.11, a quick ratio of 1.04 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $719.76 million, a PE ratio of 23.03 and a beta of 2.02. The company has a 50-day simple moving average of $7.85 and a 200 day simple moving average of $8.46.

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). The firm had revenue of $357.00 million for the quarter, compared to the consensus estimate of $361.85 million. ProPetro had a net margin of 2.21% and a return on equity of 3.39%. The business’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.34 earnings per share. As a group, sell-side analysts expect that ProPetro will post 0.17 EPS for the current year.

Insider Buying and Selling at ProPetro

In other ProPetro news, Director Michele Vion sold 5,000 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was 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 in the company, valued at $280,889.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.97% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PUMP. Pacer Advisors Inc. bought a new position in shares of ProPetro in the 2nd quarter worth $31,741,000. Dana Investment Advisors Inc. bought a new position in shares of ProPetro in the 2nd quarter worth $6,439,000. 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 during the last quarter. Hartree Partners LP bought a new position in shares of ProPetro in the 1st quarter worth $3,259,000. Finally, Susquehanna Fundamental Investments LLC boosted its position in shares of ProPetro by 441.7% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 303,971 shares of the company’s stock worth $2,635,000 after purchasing an additional 247,860 shares during 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.