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

ProPetro (NYSE:PUMP) had its price target decreased by Citigroup from $8.50 to $8.00 in a research report released on Thursday, Benzinga reports. Citigroup currently has a neutral rating on the stock.

A number of other brokerages have also weighed in on PUMP. Barclays decreased their target price 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 lowered their target price on ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ProPetro currently has a consensus rating of “Moderate Buy” and an average price target of $10.33.

ProPetro Trading Down 4.8 %

NYSE PUMP opened at $6.58 on Thursday. ProPetro has a 12 month low of $6.53 and a 12 month high of $10.62. The company has a current ratio of 1.20, a quick ratio of 1.04 and a debt-to-equity ratio of 0.05. The stock’s fifty day moving average price is $7.80 and its 200-day moving average price is $8.44. The stock has a market cap of $685.39 million, a P/E ratio of -4.95 and a beta of 2.04.

ProPetro (NYSE:PUMP) last released its quarterly earnings data 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). The firm had revenue of $357.00 million for the quarter, compared to the consensus estimate of $361.85 million. ProPetro had a negative net margin of 9.37% and a positive return on equity of 1.31%. The firm’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.34 earnings per share. As a group, equities analysts forecast that ProPetro will post 0.17 EPS for the current fiscal year.

Insider Buying and Selling at ProPetro

In related news, Director Michele Vion sold 5,000 shares of the company’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 completion of the transaction, the director now owns 34,006 shares in the company, valued at approximately $280,889.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On ProPetro

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised 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 worth $61,515,000 after acquiring an additional 54,555 shares in the last quarter. Pacer Advisors Inc. purchased a new stake in ProPetro during the 2nd quarter valued at $31,741,000. American Century Companies Inc. lifted its position in ProPetro by 21.3% in the second quarter. American Century Companies Inc. now owns 2,515,579 shares of the company’s stock worth $21,810,000 after buying an additional 441,644 shares during the last quarter. Encompass Capital Advisors LLC boosted its stake in ProPetro by 2.4% during the second 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 period. Finally, Bank of New York Mellon Corp increased its position 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 acquiring an additional 14,144 shares during the last quarter. 84.70% of the stock is 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.