ProPetro (NYSE:PUMP) Trading Down 4.2% – Here’s What Happened
by Jessica Moore · The Cerbat GemProPetro Holding Corp. (NYSE:PUMP – Get Free Report)’s share price dropped 4.2% on Monday . The stock traded as low as $10.06 and last traded at $10.0350. 232,346 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 3,902,290 shares. The stock had previously closed at $10.48.
Analyst Upgrades and Downgrades
A number of equities analysts have issued reports on the stock. Morgan Stanley assumed coverage on shares of ProPetro in a research report on Monday, September 14th. They issued an “equal weight” rating and a $13.00 price objective on the stock. Stifel Nicolaus cut their target price on ProPetro from $23.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, August 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of ProPetro in a report on Friday, July 31st. Piper Sandler lowered their price target on ProPetro from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Thursday, August 27th. Finally, Odeon Capital Group started coverage on ProPetro in a report on Thursday, May 28th. They issued a “buy” rating for the company. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $15.78.
Check Out Our Latest Stock Report on PUMP
ProPetro Stock Down 3.3%
The company’s 50 day moving average price is $11.57 and its two-hundred day moving average price is $13.70. The company has a current ratio of 4.09, a quick ratio of 4.00 and a debt-to-equity ratio of 0.80. The stock has a market cap of $1.24 billion, a P/E ratio of -91.85 and a beta of 0.77.
ProPetro (NYSE:PUMP – Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). The business had revenue of $305.81 million for the quarter, compared to analysts’ expectations of $304.48 million. ProPetro had a negative net margin of 1.15% and a negative return on equity of 1.49%. The firm’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.07) earnings per share. Equities analysts forecast that ProPetro Holding Corp. will post -0.11 earnings per share for the current year.
Insider Transactions at ProPetro
In other news, Director G Lawrence sold 35,831 shares of the company’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $11.16, for a total value of $399,873.96. Following the completion of the transaction, the director owned 28,181 shares of the company’s stock, valued at $314,499.96. This represents a 55.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Adam Muñoz sold 70,696 shares of the firm’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $11.17, for a total transaction of $789,674.32. Following the transaction, the chief operating officer directly owned 148,691 shares of the company’s stock, valued at $1,660,878.47. The trade was a 32.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.55% of the company’s stock.
Institutional Trading of ProPetro
A number of hedge funds have recently made changes to their positions in PUMP. Y Intercept Hong Kong Ltd bought a new position in ProPetro in the 1st quarter valued at approximately $2,045,000. Assenagon Asset Management S.A. bought a new stake in ProPetro during the 2nd quarter worth approximately $18,700,000. Fund 1 Investments LLC increased its position in ProPetro by 2,653.6% in the 2nd quarter. Fund 1 Investments LLC now owns 1,793,882 shares of the company’s stock valued at $25,724,000 after acquiring an additional 1,728,736 shares during the period. Engineers Gate Manager LP raised its stake in shares of ProPetro by 477.9% during the second quarter. Engineers Gate Manager LP now owns 297,809 shares of the company’s stock valued at $4,271,000 after acquiring an additional 246,278 shares during the last quarter. Finally, Manatuck Hill Partners LLC bought a new position in shares of ProPetro during the second quarter valued at $5,019,000. 84.70% of the stock is owned by institutional investors and hedge funds.
About ProPetro
ProPetro Holding Corp. is an oilfield services company that provides completion and production services to exploration and production companies developing unconventional oil and natural gas wells. The company primarily serves customers in the Permian Basin, including the Midland and Delaware basins of West Texas and southeastern New Mexico.
Its principal services include hydraulic fracturing, which uses high-pressure fluid to stimulate wells, as well as wireline services used for well evaluation, perforating and other completion activities.