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

ProPetro (NYSE:PUMP) had its target price upped by Citigroup from $8.00 to $10.00 in a report released on Tuesday,Benzinga reports. The firm currently has a neutral rating on the stock.

PUMP has been the topic of a number of other reports. Stifel Nicolaus cut their target price on ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. JPMorgan Chase & Co. upgraded shares of ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price objective on the stock in a research report on Friday, December 6th. Finally, Barclays reduced their target price on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $10.75.

ProPetro Stock Up 1.7 %

Shares of ProPetro stock opened at $9.98 on Tuesday. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of -7.50 and a beta of 2.00. ProPetro has a twelve month low of $6.53 and a twelve month high of $10.17. The company has a current ratio of 1.20, a quick ratio of 1.14 and a debt-to-equity ratio of 0.05. The business’s 50 day simple moving average is $8.51 and its 200-day simple moving average is $8.28.

Insider Activity at ProPetro

In other news, CFO David Scott Schorlemer bought 4,500 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were purchased at an average price of $6.86 per share, with a total value of $30,870.00. Following the completion of the acquisition, the chief financial officer now directly owns 112,992 shares in the company, valued at approximately $775,125.12. This trade represents a 4.15 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.88% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Pacer Advisors Inc. acquired a new position in shares of ProPetro in the 2nd quarter worth approximately $31,741,000. Dana Investment Advisors Inc. bought a new stake in ProPetro during the second quarter worth approximately $6,439,000. Point72 Asset Management L.P. acquired a new position in ProPetro in the third quarter worth approximately $3,525,000. American Century Companies Inc. increased its holdings in shares of 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 buying an additional 441,644 shares in the last quarter. Finally, Weiss Asset Management LP acquired a new stake in shares of ProPetro during the 3rd quarter valued at $2,292,000. 84.70% of the stock is 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.