ProPetro (NYSE:PUMP) Coverage Initiated by Analysts at Bank of America

Key Points

• Bank of America initiated coverage with a Buy rating and a $18 price target, implying about a 22.6% upside from the prior close.
• Analyst sentiment is mixed—five Buys, three Holds and one Sell—giving a MarketBeat consensus of Hold with an average target of $13.57.
• ProPetro beat estimates last quarter with $0.01 EPS (vs. -$0.13) and $289.7M revenue (vs. $279.9M) though revenue was down 9.6% YoY; the stock trades around $14.68 with a market cap of ~$1.79B and institutional ownership near 84.7%.

Investment analysts at Bank of America began coverage on shares of ProPetro (NYSE:PUMP - Get Free Report) in a research note issued on Monday. The firm set a "buy" rating and a $18.00 price target on the stock. Bank of America's price target would suggest a potential upside of 22.62% from the stock's previous close.

Other equities analysts have also issued research reports about the stock. Barclays lifted their target price on shares of ProPetro from $11.00 to $12.00 and gave the company an "equal weight" rating in a report on Wednesday, February 25th. Weiss Ratings restated a "sell (d-)" rating on shares of ProPetro in a research note on Monday, December 29th. Wolfe Research raised ProPetro to a "buy" rating and set a $13.00 target price for the company in a research report on Wednesday, December 10th. Piper Sandler increased their target price on ProPetro from $16.00 to $17.00 and gave the company an "overweight" rating in a research note on Wednesday, January 14th. Finally, JPMorgan Chase & Co. raised ProPetro from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $7.00 to $13.00 in a research report on Wednesday, December 10th. Five investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, ProPetro has a consensus rating of "Hold" and an average target price of $13.57.

ProPetro Trading Down 0.1%

NYSE PUMP opened at $14.68 on Monday. The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of 1,467.90 and a beta of 0.70. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.24 and a current ratio of 1.29. ProPetro has a one year low of $4.51 and a one year high of $15.18. The company's 50 day moving average price is $12.29 and its 200 day moving average price is $9.70.

ProPetro (NYSE:PUMP - Get Free Report) last released its quarterly earnings data on Wednesday, February 18th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.14. ProPetro had a net margin of 0.06% and a return on equity of 0.10%. The company had revenue of $289.68 million during the quarter, compared to the consensus estimate of $279.90 million. During the same period in the previous year, the firm earned ($0.17) earnings per share. ProPetro's revenue for the quarter was down 9.6% on a year-over-year basis. On average, sell-side analysts predict that ProPetro will post 0.25 EPS for the current year.

Hedge Funds Weigh In On ProPetro

Institutional investors have recently added to or reduced their stakes in the company. Valiant Capital Management L.P. acquired a new stake in shares of ProPetro during the fourth quarter valued at about $34,890,000. Sourcerock Group LLC lifted its stake in shares of ProPetro by 66.4% in the second quarter. Sourcerock Group LLC now owns 8,408,391 shares of the company's stock worth $50,198,000 after acquiring an additional 3,355,848 shares in the last quarter. VR Advisory Services Ltd boosted its holdings in ProPetro by 213.2% in the third quarter. VR Advisory Services Ltd now owns 3,679,359 shares of the company's stock valued at $19,280,000 after purchasing an additional 2,504,634 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in ProPetro by 209.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,704,145 shares of the company's stock valued at $14,170,000 after purchasing an additional 1,830,399 shares during the last quarter. Finally, Millennium Management LLC grew its stake in ProPetro by 382.7% during the 3rd quarter. Millennium Management LLC now owns 2,215,896 shares of the company's stock valued at $11,611,000 after purchasing an additional 1,756,812 shares in the last quarter. Institutional investors and hedge funds own 84.70% of the company's stock.

ProPetro Company Profile

ProPetro Holding Corp is a publicly traded oilfield services company that specializes in hydraulic fracturing and well completion solutions for exploration and production operators. Headquartered in Midland, Texas, the company delivers a comprehensive suite of pressure pumping services designed to optimize reservoir stimulation and enhance hydrocarbon recovery. Its integrated approach encompasses well design, proppant selection, fluid systems and pressure management to support clients' development targets across unconventional plays.

The company's core offerings include high-pressure fracturing, coiled tubing, cementing, acidizing and flowback services, all supported by in-house logistics and digital monitoring tools.

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.