ProPetro (NYSE:PUMP) Shares Gap Down After Analyst Downgrade

ProPetro Holding Corp. (NYSE:PUMP)’s stock price gapped down prior to trading on Tuesday after Barclays lowered their price target on the stock from $12.00 to $11.00. The stock had previously closed at $7.67, but opened at $7.26. Barclays currently has an overweight rating on the stock. ProPetro shares last traded at $7.24, with a volume of 491,455 shares changing hands.

A number of other analysts also recently weighed in on the company. Stifel Nicolaus lifted their price target on ProPetro from $11.00 to $12.00 and gave the company a “buy” rating in a research note 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 for the company in a report on Friday, December 6th. Citigroup boosted their price objective on shares of ProPetro from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. Finally, Benchmark reaffirmed a “hold” rating on shares of ProPetro in a report on Thursday, February 20th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.75.

Institutional Investors Weigh In On ProPetro

A number of large investors have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC grew its position in shares of ProPetro by 205.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,983 shares of the company’s stock valued at $28,000 after purchasing an additional 2,005 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of ProPetro by 38.0% in the fourth quarter. GAMMA Investing LLC now owns 4,446 shares of the company’s stock valued at $41,000 after acquiring 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. acquired a new position in ProPetro in the 3rd quarter valued at about $77,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of ProPetro during the 4th quarter worth about $94,000. 84.70% of the stock is owned by institutional investors and hedge funds.

ProPetro Stock Down 6.3 %

The firm’s 50 day moving average is $9.43 and its 200-day moving average is $8.53. The firm has a market cap of $741.17 million, a PE ratio of -5.41 and a beta of 1.98. The company has a quick ratio of 1.14, a current ratio of 1.31 and a debt-to-equity ratio of 0.06.

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.