ProPetro (NYSE:PUMP) Stock Rating Raised to Strong-Buy at Freedom Broker

Key Points

• Freedom Broker upgraded ProPetro from “hold” to “strong buy.” Overall analyst sentiment is “Moderate Buy,” with a consensus price target of $15.25.
• ProPetro reported quarterly EPS of $0.09, beating estimates by $0.10, while revenue reached $355.38 million—up 20.9% year over year and above expectations.
• Shares opened at $7.72, near the company’s 52-week low of $7.01 and below its 50-day and 200-day moving averages. Meanwhile, insiders sold shares, while institutional investors own 84.70% of the stock.

ProPetro (NYSE:PUMP - Get Free Report) was upgraded by stock analysts at Freedom Broker from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Thursday, Zacks reports.

Other equities analysts have also recently issued reports about the company. Piper Sandler reduced their price objective on ProPetro from $18.00 to $15.00 and set an "overweight" rating on the stock in a research note on Thursday, August 27th. Scotiabank increased their target price on shares of ProPetro from $12.00 to $16.00 and gave the stock a "sector perform" rating in a report on Friday. Wall Street Zen raised shares of ProPetro from a "sell" rating to a "hold" rating in a report on Saturday. Weiss Ratings downgraded shares of ProPetro from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, September 29th. Finally, Barclays decreased their price target on shares of ProPetro from $17.00 to $15.00 and set an "overweight" rating for the company in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $15.25.

ProPetro Stock Performance

PUMP opened at $7.72 on Thursday. The company has a 50-day moving average of $9.59 and a 200-day moving average of $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 has a 1-year low of $7.01 and a 1-year high of $18.50.

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, beating the consensus estimate of ($0.01) by $0.10. ProPetro had a return on equity of 0.21% and a net margin of 0.16%. The firm had revenue of $355.38 million during the quarter, compared to analyst estimates of $320.44 million. During the same period in the previous year, the company earned ($0.02) earnings per share. ProPetro's quarterly revenue was up 20.9% on a year-over-year basis. As a group, analysts forecast that ProPetro will post -0.10 EPS for the current year.

Insider Buying and Selling

In related news, COO Adam Muñoz sold 70,696 shares of the business's stock in a transaction that occurred on 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 transaction, the chief operating officer owned 148,691 shares in the company, valued at $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 is available through this hyperlink. Also, Director G Lawrence sold 35,831 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $11.16, for a total value of $399,873.96. Following the completion of the sale, the director directly owned 28,181 shares in the company, valued at $314,499.96. This represents a 55.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.55% of the company's stock.

Hedge Funds Weigh In On ProPetro

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in ProPetro in the 2nd quarter valued at approximately $130,574,000. Cooper Creek Partners Management LLC acquired a new position in ProPetro during the 1st quarter worth $42,748,000. Assenagon Asset Management S.A. boosted its position in ProPetro by 182.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 3,684,710 shares of the company's stock worth $32,573,000 after acquiring an additional 2,380,655 shares during the period. Wellington Management Group LLP boosted its position in ProPetro by 882.3% during the 2nd quarter. Wellington Management Group LLP now owns 2,290,361 shares of the company's stock worth $32,844,000 after acquiring an additional 2,057,195 shares during the period. Finally, Fund 1 Investments LLC grew its stake in shares of ProPetro by 2,653.6% in the second quarter. Fund 1 Investments LLC now owns 1,793,882 shares of the company's stock worth $25,724,000 after purchasing an additional 1,728,736 shares in the last quarter. Institutional investors own 84.70% of the company's stock.

About ProPetro

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.