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

ProPetro (NYSE:PUMP) had its price target dropped by equities research analysts at Citigroup from $8.50 to $8.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price would suggest a potential upside of 15.77% from the company’s previous close.

Several other research firms also recently issued reports on PUMP. Barclays dropped their price target on ProPetro from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Stifel Nicolaus dropped their price target on ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.33.

ProPetro Trading Down 4.2 %

ProPetro stock traded down $0.30 during mid-day trading on Thursday, hitting $6.91. 1,592,801 shares of the company’s stock were exchanged, compared to its average volume of 1,440,273. The firm has a market capitalization of $719.76 million, a P/E ratio of 23.03 and a beta of 2.02. ProPetro has a fifty-two week low of $6.74 and a fifty-two week high of $11.37. The company has a quick ratio of 1.04, a current ratio of 1.11 and a debt-to-equity ratio of 0.05. The company’s 50 day simple moving average is $7.85 and its 200-day simple moving average is $8.46.

ProPetro (NYSE:PUMP) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.11). ProPetro had a net margin of 2.21% and a return on equity of 3.39%. The firm had revenue of $357.00 million during the quarter, compared to analyst estimates of $361.85 million. During the same period in the prior year, the business earned $0.34 EPS. The business’s revenue for the quarter was down 17.9% compared to the same quarter last year. On average, equities analysts anticipate that ProPetro will post 0.17 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Michele Vion sold 5,000 shares of ProPetro stock in a transaction dated Monday, August 26th. The stock was 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 trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.97% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ProPetro

A number of institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC raised 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 purchasing an additional 1,473 shares in the last quarter. Quarry LP acquired a new position in ProPetro during the second quarter valued at approximately $40,000. nVerses Capital LLC raised its position in ProPetro by 226.3% during the third quarter. nVerses Capital LLC now owns 6,200 shares of the company’s stock valued at $47,000 after purchasing an additional 4,300 shares in the last quarter. CWM LLC raised its position in ProPetro by 17.2% during the third quarter. CWM LLC now owns 8,624 shares of the company’s stock valued at $66,000 after purchasing an additional 1,267 shares in the last quarter. Finally, Chilton Capital Management LLC raised its position in ProPetro by 87.1% during the second quarter. Chilton Capital Management LLC now owns 8,595 shares of the company’s stock valued at $75,000 after purchasing an additional 4,000 shares in the last quarter. Institutional investors own 84.70% of the company’s stock.

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.