ProPetro (NYSE:PUMP) CFO Acquires 2,000 Shares of Stock

Key Points

• ProPetro CFO Caleb Lyle Weatherl purchased 2,000 shares at an average price of $7.78, increasing his direct stake by 7.32% to 29,338 shares.
• ProPetro reported quarterly EPS of $0.09, exceeding the consensus estimate of a $0.01 loss, while revenue rose 20.9% year over year to $355.38 million.
• Shares fell to $6.97, near their 52-week low of $6.93, despite analysts maintaining a “Moderate Buy” consensus and an average price target of $15.25.

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report) CFO Caleb Lyle Weatherl bought 2,000 shares of ProPetro stock in a transaction dated Friday, October 30th. The stock was purchased at an average cost of $7.78 per share, with a total value of $15,560.00. Following the completion of the acquisition, the chief financial officer directly owned 29,338 shares in the company, valued at approximately $228,249.64. The trade was a 7.32% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website.

ProPetro Stock Performance

Shares of NYSE PUMP traded down $0.76 during trading hours on Monday, reaching $6.97. The stock had a trading volume of 4,987,642 shares, compared to its average volume of 4,052,220. ProPetro Holding Corp. has a fifty-two week low of $6.93 and a fifty-two week high of $18.50. The firm has a 50-day moving average of $9.59 and a 200-day moving average of $12.53. 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 (NYSE:PUMP - Get Free Report) last announced its earnings results on Wednesday, October 28th. The company reported $0.09 EPS for the quarter, beating analysts' consensus estimates of ($0.01) by $0.10. ProPetro had a net margin of 0.16% and a return on equity of 0.21%. The business had revenue of $355.38 million for the quarter, compared to analysts' expectations of $320.44 million. During the same period in the previous year, the company posted ($0.02) EPS. The company's quarterly revenue was up 20.9% on a year-over-year basis. As a group, equities research analysts expect that ProPetro Holding Corp. will post -0.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PUMP has been the subject of several analyst reports. Citigroup reduced their price objective on ProPetro from $16.00 to $14.50 and set a "buy" rating for the company in a research note on Friday, October 2nd. Stifel Nicolaus dropped 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. Scotiabank raised their target price on shares of ProPetro from $12.00 to $16.00 and gave the stock a "sector perform" rating in a research note on Friday. Piper Sandler lowered their target price on shares of ProPetro from $18.00 to $15.00 and set an "overweight" rating on the stock in a report on Thursday, August 27th. Finally, Wall Street Zen upgraded shares of ProPetro from a "sell" rating to a "hold" rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $15.25.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PUMP. Readystate Asset Management LP increased its position in shares of ProPetro by 285.6% in the second quarter. Readystate Asset Management LP now owns 405,748 shares of the company's stock valued at $5,818,000 after buying an additional 300,535 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of ProPetro during the 1st quarter worth $2,045,000. Assenagon Asset Management S.A. purchased a new stake in shares of ProPetro in the 2nd quarter worth about $18,700,000. Fund 1 Investments LLC boosted its position in shares of ProPetro by 2,653.6% in the 2nd quarter. Fund 1 Investments LLC now owns 1,793,882 shares of the company's stock worth $25,724,000 after buying an additional 1,728,736 shares in the last quarter. Finally, Bank of America Corp DE acquired a new stake in ProPetro in the 2nd quarter valued at about $12,315,000. Institutional investors and hedge funds 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.

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