ProPetro (NYSE:PUMP) Stock Price Target Lowered at Barclays

Key Points

• Barclays lowered ProPetro’s price target from $17 to $15 while maintaining an “overweight” rating, implying approximately 92% upside from the stock’s previous close.
• Analyst sentiment remains generally positive, with eight Buy ratings, three Holds and one Sell; MarketBeat reports a consensus “Moderate Buy” rating and an average target of $14.85.
• ProPetro’s shares closed at $7.80, near the lower end of their 52-week range, despite the company exceeding quarterly expectations with $0.09 EPS versus a $0.01 loss estimate and revenue up 20.9% year over year.

ProPetro (NYSE:PUMP - Get Free Report) had its target price reduced by equities researchers at Barclays from $17.00 to $15.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Barclays's price target indicates a potential upside of 92.18% from the stock's previous close.

PUMP has been the topic of several other research reports. Wall Street Zen cut shares of ProPetro from a "hold" rating to a "sell" rating in a research note on Saturday, August 29th. Weiss Ratings cut shares of ProPetro from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, September 29th. Morgan Stanley decreased their price objective on shares of ProPetro from $13.00 to $12.00 and set an "equal weight" rating for the company in a report on Wednesday, October 14th. Stifel Nicolaus lowered their price objective on shares of ProPetro from $23.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, August 3rd. Finally, Piper Sandler dropped their target price on ProPetro from $18.00 to $15.00 and set an "overweight" rating on the stock in a report on Thursday, August 27th. Eight 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 data from MarketBeat.com, ProPetro presently has a consensus rating of "Moderate Buy" and an average price target of $14.85.

ProPetro Stock Performance

PUMP traded down $0.07 during trading hours on Friday, hitting $7.80. The company's stock had a trading volume of 1,227,383 shares, compared to its average volume of 4,028,089. ProPetro has a fifty-two week low of $7.01 and a fifty-two week high of $18.50. The company has a current ratio of 3.49, a quick ratio of 4.00 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $958.61 million, a PE ratio of -70.95 and a beta of 0.86. The company has a 50-day simple moving average of $9.66 and a 200 day simple moving average of $12.54.

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

Insider Activity

In other ProPetro news, COO Adam Muñoz sold 70,696 shares of the company's stock in a transaction dated Tuesday, August 4th. The shares were 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. This represents a 32.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director G Lawrence sold 35,831 shares of ProPetro stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $11.16, for a total transaction of $399,873.96. Following the completion of the transaction, the director directly owned 28,181 shares in the company, valued at approximately $314,499.96. This trade represents 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 currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Sterling Capital Management LLC grew its stake in 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 in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in ProPetro in the 2nd quarter worth approximately $74,000. State of Alaska Department of Revenue grew its holdings in shares of ProPetro by 44.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 5,359 shares of the company's stock valued at $47,000 after acquiring an additional 1,653 shares in the last quarter. State of Wyoming acquired a new position in shares of ProPetro in the first quarter worth $83,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of ProPetro during the first quarter worth $177,000. 84.70% of the stock is owned by institutional investors and hedge funds.

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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