ProPetro Holding Corp. (NYSE:PUMP) Receives Average Recommendation of "Moderate Buy" from Brokerages

Key Points

• Analysts rate ProPetro “Moderate Buy”: Eight of 13 analysts recommend buying the stock, while four rate it a hold and one a sell. The average 12-month price target is $15.25, above the reported $9.28 share price.
• Insiders reduced their holdings: COO Adam Muñoz and Director G. Lawrence sold shares totaling about $1.19 million, reducing their positions by 32.2% and 56.0%, respectively.
• Recent performance remains pressured: ProPetro missed quarterly EPS estimates, reporting a loss of $0.07 per share versus an expected loss of $0.01, while revenue fell 6.3% year over year. Institutional investors own 84.7% of the company, including a new $130.6 million position from BlackRock.

Shares of ProPetro Holding Corp. (NYSE:PUMP - Get Free Report) have been given an average rating of "Moderate Buy" by the thirteen ratings firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and eight have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $15.25.

PUMP has been the topic of a number of analyst reports. Stifel Nicolaus dropped their price target on ProPetro from $23.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, August 3rd. Piper Sandler reduced their price objective on shares of ProPetro from $18.00 to $15.00 and set an "overweight" rating for the company in a research note on Thursday, August 27th. Scotiabank began coverage on shares of ProPetro in a report on Tuesday, September 29th. They issued a "sector perform" rating and a $12.00 target price for the company. Barclays dropped their target price 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. Finally, Wall Street Zen lowered shares of ProPetro from a "hold" rating to a "sell" rating in a report on Saturday, August 29th.

Insider Activity at ProPetro

In other ProPetro 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 transaction of $789,674.32. Following the transaction, the chief operating officer directly owned 148,691 shares in the company, 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 is accessible 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 approximately $314,499.96. This trade represents a 55.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.55% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PUMP. BlackRock Inc. purchased a new position in ProPetro during the second quarter valued at approximately $130,574,000. Dimensional Fund Advisors LP increased its stake in shares of ProPetro by 14.7% in the first quarter. Dimensional Fund Advisors LP now owns 6,481,970 shares of the company's stock worth $93,408,000 after acquiring an additional 831,823 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of ProPetro by 10.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,449,379 shares of the company's stock worth $49,706,000 after acquiring an additional 316,022 shares during the last quarter. Cooper Creek Partners Management LLC purchased a new stake in shares of ProPetro during the first quarter worth $42,748,000. Finally, Wellington Management Group LLP raised its holdings in shares of ProPetro by 882.3% during the second 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 in the last quarter. Hedge funds and other institutional investors own 84.70% of the company's stock.

ProPetro Stock Performance

Shares of NYSE PUMP opened at $9.28 on Thursday. The company has a quick ratio of 4.00, a current ratio of 4.09 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -84.32 and a beta of 0.86. The stock's fifty day simple moving average is $10.80 and its 200 day simple moving average is $13.34. ProPetro has a 52-week low of $4.87 and a 52-week high of $18.50.

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

About ProPetro

ProPetro Holding Corp. is an oilfield services company that provides completion and production services to exploration and production companies. Through its operating subsidiaries, the company primarily supports the development of unconventional oil and natural gas wells.

ProPetro's services include hydraulic fracturing, well stimulation, wireline services and related completion activities. Its hydraulic fracturing operations use fleets of high-pressure pumping equipment to help operators complete wells, while its wireline business supports well intervention, evaluation and perforating activities.

Headquartered in Midland, Texas, ProPetro primarily serves customers operating in the Permian Basin of West Texas and southeastern New Mexico, one of the largest U.S.

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