ProPetro (NYSE:PUMP) Lowered to Sell Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded ProPetro to “sell” from “hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $16.12.
• ProPetro shares opened at $10.91, below their 50-day and 200-day moving averages, after the company reported a quarterly loss of $0.07 per share—worse than the $0.01 loss analysts expected.
• Company insiders recently sold significant holdings: COO Adam Munoz reduced his position by 32.22%, while Director G. Larry Lawrence cut his holdings by 55.98%.

ProPetro (NYSE:PUMP - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

Several other research analysts also recently issued reports on the company. Stifel Nicolaus reduced their price objective on ProPetro from $23.00 to $20.00 and set a "buy" rating on the stock in a report on Monday, August 3rd. Weiss Ratings reissued a "sell (d-)" rating on shares of ProPetro in a research note on Friday, July 31st. Piper Sandler dropped their target price on ProPetro from $18.00 to $15.00 and set an "overweight" rating for the company in a research report on Thursday. Citigroup cut their price target on ProPetro from $20.00 to $16.00 and set a "buy" rating on the stock in a research note on Monday, August 3rd. Finally, Odeon Capital Group initiated coverage on ProPetro in a report on Thursday, May 28th. They issued a "buy" rating on the stock. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, ProPetro presently has an average rating of "Moderate Buy" and a consensus target price of $16.12.

ProPetro Trading Down 2.4%

Shares of NYSE PUMP opened at $10.91 on Friday. ProPetro has a 1-year low of $4.52 and a 1-year high of $18.50. The company has a 50-day moving average of $12.28 and a two-hundred day moving average of $13.74. The company has a market cap of $1.34 billion, a PE ratio of -99.18 and a beta of 0.77. The company has a current ratio of 4.09, a quick ratio of 4.00 and a debt-to-equity ratio of 0.80.

ProPetro (NYSE:PUMP - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.06). The company had revenue of $305.81 million for the quarter, compared to the consensus estimate of $304.48 million. ProPetro had a negative net margin of 1.15% and a negative return on equity of 1.49%. ProPetro's revenue for the quarter was down 6.3% compared to the same quarter last year. During the same period last year, the company earned ($0.07) earnings per share. As a group, equities analysts expect that ProPetro will post -0.09 earnings per share for the current fiscal year.

Insider Transactions at ProPetro

In related news, COO Adam Munoz sold 70,696 shares of ProPetro stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $11.17, for a total transaction of $789,674.32. Following the transaction, the chief operating officer owned 148,691 shares of the company's stock, valued at $1,660,878.47. This trade represents a 32.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director G Larry Lawrence sold 35,831 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $11.16, for a total transaction of $399,873.96. Following the completion of the sale, the director directly owned 28,181 shares of the company's stock, valued at $314,499.96. The trade was a 55.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.55% of the company's stock.

Institutional Trading of ProPetro

Large investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in ProPetro by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,534 shares of the company's stock worth $379,000 after acquiring an additional 2,230 shares in the last quarter. Millennium Management LLC increased its holdings in shares of ProPetro by 44.6% in the first quarter. Millennium Management LLC now owns 735,731 shares of the company's stock worth $5,408,000 after acquiring an additional 226,914 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of ProPetro by 16,264.8% in the first quarter. Jones Financial Companies Lllp now owns 27,002 shares of the company's stock worth $198,000 after acquiring an additional 26,837 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of ProPetro by 3.7% during the first quarter. Goldman Sachs Group Inc. now owns 609,935 shares of the company's stock worth $4,483,000 after purchasing an additional 21,519 shares during the period. Finally, Caxton Associates LLP acquired a new stake in shares of ProPetro during the first quarter worth about $272,000. Institutional investors own 84.70% of the company's stock.

ProPetro Company Profile

ProPetro Holding Corp is a publicly traded oilfield services company that specializes in hydraulic fracturing and well completion solutions for exploration and production operators. Headquartered in Midland, Texas, the company delivers a comprehensive suite of pressure pumping services designed to optimize reservoir stimulation and enhance hydrocarbon recovery. Its integrated approach encompasses well design, proppant selection, fluid systems and pressure management to support clients' development targets across unconventional plays.

The company's core offerings include high-pressure fracturing, coiled tubing, cementing, acidizing and flowback services, all supported by in-house logistics and digital monitoring tools.

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