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

Key Points

• Citigroup lowered ProPetro’s price target from $14.50 to $12 but maintained a Buy rating, implying 87.47% upside from the prior close.
• ProPetro shares fell 10.8% to $6.40, near their 12-month low. The analyst consensus is Moderate Buy, with an average price target of $15.
• The company reported quarterly EPS of $0.09, beating the consensus estimate of a $0.01 loss, and revenue of $355.38 million, up 20.9% year over year.

ProPetro (NYSE:PUMP - Get Free Report) had its price objective cut by equities researchers at Citigroup from $14.50 to $12.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's price objective points to a potential upside of 87.47% from the stock's previous close.

Several other research analysts have also recently commented on the company. Piper Sandler reduced their price target on ProPetro from $18.00 to $15.00 and set an "overweight" rating for the company in a research report on Thursday, August 27th. Scotiabank boosted their price target on ProPetro from $12.00 to $16.00 and gave the stock a "sector perform" rating in a research report on Friday, October 30th. Freedom Broker upgraded ProPetro from a "hold" rating to a "strong-buy" rating in a research note on Thursday, October 29th. Stifel Nicolaus dropped their price objective on ProPetro from $23.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, August 3rd. Finally, Morgan Stanley cut their price objective on ProPetro from $13.00 to $12.00 and set an "equal weight" rating for the company in a report on Wednesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, ProPetro presently has an average rating of "Moderate Buy" and a consensus price target of $15.00.

ProPetro Trading Down 10.8%

PUMP stock traded down $0.78 during midday trading on Wednesday, hitting $6.40. The company's stock had a trading volume of 7,577,872 shares, compared to its average volume of 4,071,869. The company's fifty day moving average price is $9.43 and its 200 day moving average price is $12.50. The company has a quick ratio of 3.41, a current ratio of 3.49 and a debt-to-equity ratio of 0.83. ProPetro has a twelve month low of $6.31 and a twelve month high of $18.50.

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

Hedge Funds Weigh In On ProPetro

A number of hedge funds and other institutional investors have recently bought and sold shares of PUMP. Parallel Advisors LLC lifted its position in shares of ProPetro by 422.0% in the third quarter. Parallel Advisors LLC now owns 2,876 shares of the company's stock valued at $25,000 after buying an additional 2,325 shares during the last quarter. Sterling Capital Management LLC increased its holdings 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 worth $36,000 after acquiring an additional 3,739 shares during the last quarter. State of Alaska Department of Revenue raised its stake in ProPetro by 44.6% in 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 during the period. Public Employees Retirement System of Ohio bought a new stake in ProPetro in the 2nd quarter valued at $74,000. Finally, State of Wyoming bought a new stake in ProPetro in the 1st quarter valued at $83,000. 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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