ProPetro (NYSE:PUMP) Raised to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen upgraded ProPetro from “sell” to “hold,” while analysts overall maintain a “Moderate Buy” consensus with an average price target of $15.25.
• ProPetro reported better-than-expected quarterly results, posting $0.09 in EPS versus an expected loss of $0.01 and revenue of $355.38 million, up 20.9% year over year.
• Shares opened at $7.72, near the company’s $7.01 one-year low, despite substantial institutional ownership of 84.7%; several insiders recently sold shares.

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

Other research analysts also recently issued research reports about the stock. Weiss Ratings downgraded shares of ProPetro from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, September 29th. Scotiabank boosted their target price on shares of ProPetro from $12.00 to $16.00 and gave the stock a "sector perform" rating in a research note on Friday. Piper Sandler reduced their target price on shares of ProPetro from $18.00 to $15.00 and set an "overweight" rating on the stock in a research report on Thursday, August 27th. Morgan Stanley decreased their price target on shares of ProPetro from $13.00 to $12.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 14th. Finally, Barclays decreased their price target on shares of ProPetro from $17.00 to $15.00 and set an "overweight" rating on the stock in a research note on Friday. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $15.25.

ProPetro Price Performance

Shares of PUMP opened at $7.72 on Friday. ProPetro has a one year low of $7.01 and a one year high of $18.50. The business's 50 day simple moving average is $9.59 and its 200-day simple moving average is $12.53. The company has a debt-to-equity ratio of 0.83, a current ratio of 3.49 and a quick ratio of 4.00.

ProPetro (NYSE:PUMP - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.10. The firm had revenue of $355.38 million during the quarter, compared to the consensus estimate of $320.44 million. ProPetro had a return on equity of 0.21% and a net margin of 0.16%. The business's revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.02) EPS. As a group, equities analysts anticipate that ProPetro will post -0.10 EPS for the current fiscal year.

Insider Transactions at ProPetro

In other ProPetro news, COO Adam Muñoz sold 70,696 shares of the business's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $11.17, for a total transaction of $789,674.32. Following the completion of the sale, the chief operating officer directly owned 148,691 shares of the company's stock, valued at approximately $1,660,878.47. The trade was a 32.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director G Lawrence sold 35,831 shares of the company's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $11.16, for a total transaction of $399,873.96. Following the transaction, the director owned 28,181 shares in the company, valued at approximately $314,499.96. The trade was a 55.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On ProPetro

A number of institutional investors and hedge funds have recently modified their holdings of PUMP. BlackRock Inc. acquired a new position in ProPetro during the second quarter valued at approximately $130,574,000. Dimensional Fund Advisors LP increased its stake in ProPetro by 14.7% in the first quarter. Dimensional Fund Advisors LP now owns 6,481,970 shares of the company's stock valued at $93,408,000 after purchasing an additional 831,823 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in ProPetro by 10.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,449,379 shares of the company's stock worth $49,706,000 after purchasing an additional 316,022 shares during the period. Cooper Creek Partners Management LLC acquired a new stake in ProPetro in the first quarter worth $42,748,000. Finally, Wellington Management Group LLP raised its holdings in ProPetro by 882.3% in the second quarter. Wellington Management Group LLP now owns 2,290,361 shares of the company's stock worth $32,844,000 after purchasing an additional 2,057,195 shares during the period. 84.70% of the stock is owned by institutional investors.

ProPetro Company Profile

ProPetro Holding Corp. is an oilfield services company that provides completion and production services to oil and natural gas exploration and production companies. Its primary offerings include hydraulic fracturing, well stimulation and wireline services used to prepare newly drilled wells for production and support ongoing well operations.

The company operates primarily in the Permian Basin, serving customers in the West Texas and southeastern New Mexico region. ProPetro's services are focused on unconventional shale and tight-rock wells, where specialized pumping, pressure-control and downhole technologies are used to improve hydrocarbon recovery.

ProPetro was founded in 2007 and is headquartered in Midland, Texas.

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