ProPetro (NYSE:PUMP) Hits New 52-Week Low – What’s Next?

Shares of ProPetro Holding Corp. (NYSE:PUMP) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $6.48 and last traded at $6.51, with a volume of 990564 shares traded. The stock had previously closed at $7.59.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PUMP. Stifel Nicolaus lifted their price target on ProPetro from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, February 21st. JPMorgan Chase & Co. upgraded shares of ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price target on the stock in a research note on Friday, December 6th. Benchmark reiterated a “hold” rating on shares of ProPetro in a research note on Thursday, February 20th. Citigroup boosted their price objective on shares of ProPetro from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. Finally, Barclays dropped their price target on shares of ProPetro from $12.00 to $11.00 and set an “overweight” rating for the company in a research report on Monday, March 3rd. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, ProPetro has a consensus rating of “Hold” and an average price target of $10.75.

ProPetro Price Performance

The business’s 50 day simple moving average is $8.22 and its 200-day simple moving average is $8.45. The stock has a market capitalization of $647.49 million, a price-to-earnings ratio of -4.68 and a beta of 2.03. The company has a quick ratio of 1.14, a current ratio of 1.31 and a debt-to-equity ratio of 0.06.

Institutional Trading of ProPetro

Several institutional investors and hedge funds have recently modified their holdings of PUMP. Smartleaf Asset Management LLC raised its stake in ProPetro by 205.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,983 shares of the company’s stock worth $28,000 after acquiring an additional 2,005 shares in the last quarter. GAMMA Investing LLC increased its position in ProPetro by 38.0% during the 4th quarter. GAMMA Investing LLC now owns 4,446 shares of the company’s stock worth $41,000 after purchasing an additional 1,225 shares in the last quarter. KBC Group NV increased its position in ProPetro by 90.5% during the 4th quarter. KBC Group NV now owns 8,045 shares of the company’s stock worth $75,000 after purchasing an additional 3,821 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in ProPetro in the 3rd quarter valued at approximately $77,000. Finally, Raymond James Financial Inc. acquired a new stake in ProPetro in the fourth quarter valued at approximately $94,000. 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.