ProPetro (NYSE:PUMP) Shares Gap Up After Analyst Upgrade

by · The Cerbat Gem

Shares of ProPetro Holding Corp. (NYSE:PUMP – Get Free Report) gapped up before the market opened on Wednesday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. The stock had previously closed at $10.97, but opened at $11.37. JPMorgan Chase & Co. now has a $13.00 price target on the stock, up from their previous price target of $7.00. ProPetro shares last traded at $11.2480, with a volume of 731,428 shares changing hands.

Several other brokerages have also issued reports on PUMP. Barclays increased their price objective on ProPetro from $5.00 to $10.00 and gave the stock an “equal weight” rating in a report on Monday, November 3rd. Citigroup raised their price target on ProPetro from $6.00 to $12.00 and gave the company a “neutral” rating in a research report on Friday, October 31st. Zacks Research raised shares of ProPetro from a “strong sell” rating to a “hold” rating in a report on Thursday, October 23rd. Piper Sandler raised ProPetro from a “neutral” rating to an “overweight” rating and set a $16.00 price objective on the stock in a report on Monday, November 3rd. Finally, Wolfe Research upgraded shares of ProPetro to a “buy” rating and set a $13.00 price target for the company in a research note on Wednesday. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.33.

View Our Latest Stock Analysis on ProPetro

Insider Activity

In other ProPetro news, Director G Larry Lawrence sold 27,000 shares of the business’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $10.84, for a total value of $292,680.00. Following the completion of the transaction, the director directly owned 35,831 shares of the company’s stock, valued at approximately $388,408.04. The trade was a 42.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Michele Vion sold 6,916 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $10.64, for a total transaction of $73,586.24. Following the completion of the sale, the director directly owned 45,029 shares of the company’s stock, valued at approximately $479,108.56. This represents a 13.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.60% of the company’s stock.

Institutional Trading of ProPetro

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL acquired a new stake in shares of ProPetro during the 3rd quarter worth approximately $2,280,000. Dark Forest Capital Management LP acquired a new stake in ProPetro during the 3rd quarter worth $57,000. XTX Topco Ltd bought a new stake in shares of ProPetro during the 3rd quarter valued at $613,000. VR Advisory Services Ltd raised its position in shares of ProPetro by 213.2% during the 3rd quarter. VR Advisory Services Ltd now owns 3,679,359 shares of the company’s stock valued at $19,280,000 after acquiring an additional 2,504,634 shares during the last quarter. Finally, Qube Research & Technologies Ltd bought a new position in ProPetro during the third quarter worth about $3,100,000. 84.70% of the stock is owned by institutional investors.

ProPetro Stock Up 3.0%

The company has a current ratio of 1.26, a quick ratio of 1.19 and a debt-to-equity ratio of 0.11. The firm has a market cap of $1.18 billion, a P/E ratio of -66.76 and a beta of 0.80. The firm’s 50 day moving average is $8.41 and its two-hundred day moving average is $6.54.

ProPetro (NYSE:PUMP – Get Free Report) last announced its quarterly earnings results on Wednesday, October 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.09. The company had revenue of $293.92 million during the quarter, compared to analyst estimates of $266.25 million. ProPetro had a negative net margin of 1.31% and a negative return on equity of 0.06%. The firm’s revenue was down 18.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.32) EPS. As a group, research analysts anticipate that ProPetro Holding Corp. will post 0.25 EPS for the current fiscal year.

ProPetro Company Profile

(Get Free Report)

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.

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