ProPetro (NYSE:PUMP) Price Target Raised to $10.00

ProPetro (NYSE:PUMP) had its target price increased by analysts at Citigroup from $8.00 to $10.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price target would indicate a potential downside of 0.20% from the stock’s previous close.

A number of other brokerages have also recently issued reports on PUMP. Stifel Nicolaus lowered their price target on shares of ProPetro from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Barclays lowered their target price on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. upgraded 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. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, ProPetro currently has an average rating of “Hold” and a consensus target price of $10.75.

ProPetro Price Performance

PUMP opened at $10.02 on Tuesday. The company has a current ratio of 1.20, a quick ratio of 1.14 and a debt-to-equity ratio of 0.05. The company has a market cap of $1.03 billion, a price-to-earnings ratio of -7.53 and a beta of 2.00. The stock has a fifty day simple moving average of $8.51 and a two-hundred day simple moving average of $8.28. ProPetro has a 12-month low of $6.53 and a 12-month high of $10.17.

Insider Buying and Selling

In related news, CFO David Scott Schorlemer purchased 4,500 shares of ProPetro stock in a transaction dated Monday, November 4th. The stock was purchased at an average cost of $6.86 per share, for a total transaction of $30,870.00. Following the completion of the purchase, the chief financial officer now directly owns 112,992 shares of the company’s stock, valued at $775,125.12. The trade was a 4.15 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.88% of the stock is owned by company insiders.

Hedge Funds Weigh In On ProPetro

Several hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC increased its position in ProPetro by 84.3% during the third quarter. GAMMA Investing LLC now owns 3,221 shares of the company’s stock valued at $25,000 after acquiring an additional 1,473 shares during the last quarter. Quarry LP purchased a new stake in shares of ProPetro during the 2nd quarter valued at about $40,000. nVerses Capital LLC lifted its stake in shares of ProPetro by 226.3% in the 3rd quarter. nVerses Capital LLC now owns 6,200 shares of the company’s stock worth $47,000 after purchasing an additional 4,300 shares during the period. CWM LLC boosted its holdings in shares of ProPetro by 17.2% in the third quarter. CWM LLC now owns 8,624 shares of the company’s stock worth $66,000 after buying an additional 1,267 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in ProPetro during the third quarter valued at approximately $77,000. 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.