ProPetro (NYSE:PUMP) Stock Gets Price Target Boost from Scotiabank

Key Points

• Scotiabank raised ProPetro’s price target from $12 to $16 while maintaining a “sector perform” rating, implying 107.12% potential upside from the current price.
• Analyst sentiment remains generally positive, with eight Buy, three Hold, and one Sell rating; MarketBeat reports a “Moderate Buy” consensus and average price target of $15.25.
• ProPetro shares fell 1.8% to $7.72, despite the company exceeding quarterly expectations with $0.09 EPS versus a $0.01 loss estimate and revenue of $355.38 million, up 20.9% year over year.

ProPetro (NYSE:PUMP - Get Free Report) had its price objective raised by Scotiabank from $12.00 to $16.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a "sector perform" rating on the stock. Scotiabank's price objective would indicate a potential upside of 107.12% from the stock's current price.

A number of other equities research analysts also recently weighed in on the company. Barclays cut their price target on ProPetro from $17.00 to $15.00 and set an "overweight" rating for the company in a research note on Friday. Stifel Nicolaus dropped their price objective on shares of ProPetro from $23.00 to $20.00 and set a "buy" rating for the company in a research report on Monday, August 3rd. Weiss Ratings lowered ProPetro from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, September 29th. Citigroup lowered their price target on ProPetro from $16.00 to $14.50 and set a "buy" rating on the stock in a research report on Friday, October 2nd. Finally, Morgan Stanley decreased their price objective 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. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $15.25.

ProPetro Trading Down 1.8%

PUMP stock traded down $0.14 during midday trading on Friday, reaching $7.72. 4,987,195 shares of the company's stock traded hands, compared to its average volume of 4,039,217. The company has a market capitalization of $948.78 million, a P/E ratio of -70.23 and a beta of 0.86. The business has a 50-day moving average price of $9.66 and a two-hundred day moving average price of $12.54. ProPetro has a fifty-two week low of $7.01 and a fifty-two week high of $18.50. 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 announced its quarterly earnings data on Wednesday, October 28th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.10. ProPetro had a net margin of 0.16% and a return on equity of 0.21%. The company had revenue of $355.38 million during the quarter, compared to analyst estimates of $320.44 million. During the same period last year, the business earned ($0.02) EPS. The firm's revenue for the quarter was up 20.9% compared to the same quarter last year. Equities research analysts forecast that ProPetro will post -0.10 EPS for the current fiscal year.

Insider Activity

In related news, COO Adam Muñoz 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 value of $789,674.32. Following the sale, the chief operating officer 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director G Lawrence sold 35,831 shares of the business's stock in a transaction 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 sale, the director directly owned 28,181 shares in the company, valued at $314,499.96. The trade was a 55.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.55% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Sterling Capital Management LLC grew its stake in shares of ProPetro by 1,062.2% during the 3rd quarter. Sterling Capital Management LLC now owns 4,091 shares of the company's stock valued at $36,000 after acquiring an additional 3,739 shares during the period. State of Alaska Department of Revenue lifted its holdings in ProPetro by 44.6% during the third quarter. State of Alaska Department of Revenue now owns 5,359 shares of the company's stock valued at $47,000 after purchasing an additional 1,653 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of ProPetro in the second quarter worth approximately $74,000. State of Wyoming bought a new position in shares of ProPetro in the first quarter worth approximately $83,000. Finally, ProShare Advisors LLC boosted its position in shares of ProPetro by 18.8% in the third quarter. ProShare Advisors LLC now owns 15,571 shares of the company's stock worth $138,000 after purchasing an additional 2,459 shares during the period. Hedge funds and other institutional investors own 84.70% of the company's stock.

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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