Citigroup Issues Pessimistic Forecast for ProPetro (NYSE:PUMP) Stock Price

ProPetro (NYSE:PUMP) had its price target decreased by Citigroup from $8.50 to $8.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 21.67% from the company’s previous close.

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

ProPetro Stock Down 4.8 %

PUMP stock opened at $6.58 on Thursday. The company has a market cap of $684.85 million, a PE ratio of -4.95 and a beta of 2.02. The business has a 50-day simple moving average of $7.83 and a 200 day simple moving average of $8.45. ProPetro has a 52 week low of $6.53 and a 52 week high of $10.62. The company has a quick ratio of 1.04, a current ratio of 1.20 and a debt-to-equity ratio of 0.05.

ProPetro (NYSE:PUMP) last issued 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). The business had revenue of $357.00 million for the quarter, compared to analyst estimates of $361.85 million. ProPetro had a positive return on equity of 1.31% and a negative net margin of 9.37%. The firm’s revenue was down 17.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.34 EPS. Sell-side analysts anticipate that ProPetro will post 0.17 EPS for the current fiscal year.

Insider Activity

In other news, Director Michele Vion sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $8.26, for a total value of $41,300.00. Following the completion of the transaction, the director now owns 34,006 shares of the company’s stock, valued at $280,889.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.88% of the stock is currently owned by insiders.

Institutional Trading of ProPetro

Several institutional investors have recently added to or reduced their stakes in PUMP. Pacer Advisors Inc. bought a new stake in ProPetro in the second quarter valued at approximately $31,741,000. Dana Investment Advisors Inc. bought a new stake in ProPetro in the second quarter valued at approximately $6,439,000. American Century Companies Inc. boosted its holdings in ProPetro by 21.3% in the second quarter. American Century Companies Inc. now owns 2,515,579 shares of the company’s stock valued at $21,810,000 after acquiring an additional 441,644 shares during the last quarter. Hartree Partners LP bought a new stake in ProPetro in the first quarter valued at approximately $3,259,000. Finally, Susquehanna Fundamental Investments LLC boosted its holdings in ProPetro by 441.7% in the second quarter. Susquehanna Fundamental Investments LLC now owns 303,971 shares of the company’s stock valued at $2,635,000 after acquiring an additional 247,860 shares during the last quarter. 84.70% of the stock is currently 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.