Barclays Cuts ProPetro (NYSE:PUMP) Price Target to $12.00

ProPetro (NYSE:PUMP) had its price objective dropped by analysts at Barclays from $13.00 to $12.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s target price indicates a potential upside of 46.88% from the stock’s current price.

Separately, Stifel Nicolaus reduced their target price on shares of ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday, October 11th.

ProPetro Price Performance

Shares of PUMP traded up $0.14 on Wednesday, hitting $8.17. The company’s stock had a trading volume of 889,926 shares, compared to its average volume of 1,467,569. The company has a market capitalization of $879.09 million, a PE ratio of 12.21 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 50 day moving average price of $7.98 and a 200 day moving average price of $8.52. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.11 and a quick ratio of 1.04.

ProPetro (NYSE:PUMP) last announced its earnings results on Wednesday, July 31st. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.11). ProPetro had a return on equity of 3.39% and a net margin of 2.21%. The business had revenue of $357.00 million for the quarter, compared to the consensus estimate of $361.85 million. During the same quarter in the previous year, the company posted $0.34 EPS. ProPetro’s revenue for the quarter was down 17.9% on a year-over-year basis. On average, research analysts anticipate that ProPetro will post 0.24 earnings per share for the current fiscal year.

Insider Activity at ProPetro

In other ProPetro news, Director Michele Vion sold 5,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $8.26, for a total transaction of $41,300.00. Following the transaction, the director now directly owns 34,006 shares in the company, valued at approximately $280,889.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.88% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PUMP. Dimensional Fund Advisors LP raised its position in shares of ProPetro by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,095,253 shares of the company’s stock valued at $61,515,000 after acquiring an additional 54,555 shares during the period. Pacer Advisors Inc. bought a new position in shares of ProPetro during the second quarter worth $31,741,000. American Century Companies Inc. grew its holdings in shares of ProPetro by 21.3% in the 2nd quarter. American Century Companies Inc. now owns 2,515,579 shares of the company’s stock valued at $21,810,000 after buying an additional 441,644 shares during the period. Encompass Capital Advisors LLC increased its position in shares of ProPetro by 2.4% in the 2nd quarter. Encompass Capital Advisors LLC now owns 1,526,485 shares of the company’s stock valued at $13,235,000 after buying an additional 36,339 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of ProPetro by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 780,498 shares of the company’s stock valued at $6,767,000 after buying an additional 14,144 shares in the last quarter. Institutional investors and hedge funds own 84.70% of the company’s stock.

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.