Scotiabank Begins Coverage on ProPetro (NYSE:PUMP)

Key Points

• Scotiabank initiated coverage of ProPetro with a “sector perform” rating and a $12.00 price target, implying approximately 28.9% upside from the stock’s $9.31 opening price.
• Analyst sentiment remains broadly positive, with eight Buy ratings, four Holds and one Sell; MarketBeat reports a “Moderate Buy” consensus and an average price target of $15.40.
• ProPetro reported a quarterly loss of $0.07 per share, missing estimates by $0.06, while revenue declined 6.3% year over year to $305.81 million. Two company insiders also recently sold substantial portions of their holdings.

Scotiabank initiated coverage on shares of ProPetro (NYSE:PUMP - Get Free Report) in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The firm set a "sector perform" rating and a $12.00 price target on the stock. Scotiabank's price target indicates a potential upside of 28.92% from the company's current price.

Other research analysts have also recently issued research reports about the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of ProPetro in a research note on Friday, July 31st. Barclays dropped their price target on shares of ProPetro from $23.00 to $18.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 5th. Stifel Nicolaus dropped their target price on shares of ProPetro from $23.00 to $20.00 and set a "buy" rating on the stock in a report on Monday, August 3rd. The Goldman Sachs Group restated a "neutral" rating and set a $16.00 target price on shares of ProPetro in a report on Wednesday, June 3rd. Finally, Wall Street Zen downgraded ProPetro from a "hold" rating to a "sell" rating in a research report on Saturday, August 29th. Eight investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $15.40.

ProPetro Price Performance

Shares of NYSE:PUMP opened at $9.31 on Tuesday. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of -84.62 and a beta of 0.77. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.09 and a quick ratio of 4.00. ProPetro has a 12 month low of $4.87 and a 12 month high of $18.50. The stock's 50 day moving average price is $11.16 and its 200 day moving average price is $13.59.

ProPetro (NYSE:PUMP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.06). ProPetro had a negative net margin of 1.15% and a negative return on equity of 1.49%. The firm had revenue of $305.81 million for the quarter, compared to analyst estimates of $304.48 million. During the same quarter last year, the business posted ($0.07) earnings per share. The firm's revenue for the quarter was down 6.3% compared to the same quarter last year. Equities research analysts anticipate that ProPetro will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director G Lawrence sold 35,831 shares of the firm's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $11.16, for a total value of $399,873.96. Following 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 position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Adam Muñoz sold 70,696 shares of the business's stock in a transaction 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 transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.55% of the company's stock.

Hedge Funds Weigh In On ProPetro

Institutional investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio bought a new stake in ProPetro during the 2nd quarter valued at approximately $74,000. State of Wyoming acquired a new position in shares of ProPetro during the first quarter worth approximately $83,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of ProPetro in the fourth quarter valued at approximately $111,000. Sequoia Financial Advisors LLC bought a new stake in shares of ProPetro in the first quarter valued at approximately $177,000. Finally, Alpine Global Management LLC acquired a new stake in shares of ProPetro in the fourth quarter worth $118,000. 84.70% of the stock is currently owned by institutional investors.

ProPetro Company Profile

ProPetro Holding Corp. is an oilfield services company that provides completion and production services to exploration and production companies developing unconventional oil and natural gas wells. The company primarily serves customers in the Permian Basin, including the Midland and Delaware basins of West Texas and southeastern New Mexico.

Its principal services include hydraulic fracturing, which uses high-pressure fluid to stimulate wells, as well as wireline services used for well evaluation, perforating and other completion activities.

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