ProPetro (NYSE:PUMP) Hits New 1-Year High – Time to Buy?

ProPetro Holding Corp. (NYSE:PUMP)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $10.06 and last traded at $10.00, with a volume of 568323 shares. The stock had previously closed at $9.33.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Citigroup cut their price objective on ProPetro from $8.50 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. JPMorgan Chase & Co. raised 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. Barclays dropped their price objective 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, 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 report on Friday, October 11th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $10.25.

ProPetro Stock Performance

The stock has a 50 day moving average of $8.41 and a 200 day moving average of $8.26. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -7.42 and a beta of 2.07. The company has a quick ratio of 1.14, a current ratio of 1.20 and a debt-to-equity ratio of 0.05.

Insider Transactions at ProPetro

In related news, CFO David Scott Schorlemer acquired 4,500 shares of the stock in a transaction dated Monday, November 4th. The stock was bought at an average price of $6.86 per share, for a total transaction of $30,870.00. Following 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On ProPetro

A number of large investors have recently bought and sold shares of the stock. Pacer Advisors Inc. bought a new position in shares of ProPetro in the 2nd quarter worth $31,741,000. Dana Investment Advisors Inc. acquired a new stake in shares of ProPetro in the 2nd quarter worth about $6,439,000. Point72 Asset Management L.P. bought a new position in ProPetro in the 3rd quarter valued at about $3,525,000. American Century Companies Inc. boosted its stake in ProPetro by 21.3% during the 2nd quarter. American Century Companies Inc. now owns 2,515,579 shares of the company’s stock valued at $21,810,000 after purchasing an additional 441,644 shares during the last quarter. Finally, Weiss Asset Management LP bought a new stake in ProPetro during the 3rd quarter worth approximately $2,292,000. 84.70% of the stock is currently owned by institutional investors and hedge funds.

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.