JPMorgan Chase & Co. Cuts ProPetro (NYSE:PUMP) Price Target to $7.00

ProPetro (NYSE:PUMP - Get Free Report) had its price objective dropped by equities research analysts at JPMorgan Chase & Co. from $8.00 to $7.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 29.39% from the stock's current price.

Several other research firms have also recently weighed in on PUMP. Stifel Nicolaus lowered their price target on shares of ProPetro from $12.00 to $11.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Benchmark reissued a "hold" rating on shares of ProPetro in a research note on Thursday, February 20th. Finally, Barclays cut their target price on shares of ProPetro from $12.00 to $11.00 and set an "overweight" rating on the stock in a research report on Monday, March 3rd. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $9.75.

ProPetro Trading Down 2.5%

Shares of ProPetro stock traded down $0.14 on Wednesday, hitting $5.41. 943,156 shares of the company's stock traded hands, compared to its average volume of 1,565,455. The firm's 50-day moving average price is $5.67 and its two-hundred day moving average price is $7.70. The stock has a market capitalization of $562.15 million, a PE ratio of -4.04 and a beta of 1.19. ProPetro has a one year low of $4.61 and a one year high of $11.17. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.31 and a quick ratio of 1.14.

ProPetro (NYSE:PUMP - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $0.09 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.03. The business had revenue of $359.42 million during the quarter, compared to analysts' expectations of $344.36 million. ProPetro had a negative net margin of 9.55% and a positive return on equity of 3.20%. The firm's quarterly revenue was down 11.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.18 EPS. On average, research analysts expect that ProPetro will post 0.25 EPS for the current fiscal year.

Institutional Investors Weigh In On ProPetro

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Quarry LP bought a new stake in ProPetro in the 1st quarter worth about $25,000. Smartleaf Asset Management LLC grew its position in ProPetro by 205.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,983 shares of the company's stock worth $28,000 after purchasing an additional 2,005 shares in the last quarter. Headlands Technologies LLC purchased a new position in ProPetro in the first quarter valued at about $32,000. State of Wyoming purchased a new position in ProPetro in the first quarter valued at about $48,000. Finally, KBC Group NV boosted its stake in ProPetro by 90.5% in the fourth quarter. KBC Group NV now owns 8,045 shares of the company's stock valued at $75,000 after acquiring an additional 3,821 shares during the last quarter. 84.70% of the stock is owned by institutional investors.

ProPetro Company Profile

ProPetro Holding Corp. operates as an integrated oilfield services company. The company provides hydraulic fracturing, wireline, cementing, and other complementary oilfield completion services to upstream oil and gas companies in the Permian Basin. ProPetro Holding Corp. was founded in 2007 and is headquartered in Midland, Texas.