ProPetro (NYSE:PUMP) Given New $5.00 Price Target at Citigroup

Key Points

• Citigroup has lowered the price target for ProPetro (NYSE:PUMP) from $6.50 to $5.00, maintaining a "neutral" rating on the stock, which offers a potential upside of 6.95% from its current price.
• ProPetro's financial performance showed a loss of $0.07 per share in its last quarterly report, missing estimates, and a year-over-year revenue decline of 9.2%.
• Hedge funds currently hold 84.70% of ProPetro's stock, with notable increases in holdings from institutional investors such as Ameriprise Financial and BNP Paribas Financial Markets.

ProPetro (NYSE:PUMP - Get Free Report) had its price objective lowered by analysts at Citigroup from $6.50 to $5.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Citigroup's target price indicates a potential upside of 6.95% from the stock's current price.

Several other analysts also recently commented on PUMP. JPMorgan Chase & Co. cut their target price on ProPetro from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 28th. Piper Sandler cut their target price on ProPetro from $7.00 to $6.00 and set a "neutral" rating on the stock in a research note on Thursday, August 14th. Stifel Nicolaus set a $10.00 target price on ProPetro and gave the company a "buy" rating in a research note on Wednesday, July 16th. Finally, Zacks Research downgraded ProPetro from a "hold" rating to a "strong sell" rating in a research note on Monday, September 1st. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, ProPetro currently has a consensus rating of "Hold" and a consensus price target of $7.80.

ProPetro Stock Up 0.3%

Shares of ProPetro stock traded up $0.02 during midday trading on Tuesday, hitting $4.68. The company had a trading volume of 505,086 shares, compared to its average volume of 1,802,840. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.35 and a current ratio of 1.42. The stock has a market capitalization of $486.06 million, a P/E ratio of -3.18 and a beta of 1.13. The company has a 50 day moving average of $5.42 and a 200 day moving average of $5.94. ProPetro has a 52-week low of $4.51 and a 52-week high of $11.17.

ProPetro (NYSE:PUMP - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.10). ProPetro had a positive return on equity of 1.84% and a negative net margin of 11.10%.The company had revenue of $326.15 million during the quarter, compared to analysts' expectations of $331.26 million. During the same quarter in the previous year, the company earned ($0.03) EPS. The business's quarterly revenue was down 9.2% on a year-over-year basis. On average, equities analysts predict that ProPetro will post 0.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ProPetro

A number of institutional investors and hedge funds have recently modified their holdings of PUMP. Raymond James Financial Inc. purchased a new position in shares of ProPetro in the 4th quarter worth $94,000. Price T Rowe Associates Inc. MD raised its holdings in ProPetro by 16.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 34,702 shares of the company's stock worth $324,000 after purchasing an additional 4,996 shares during the period. Jane Street Group LLC raised its holdings in ProPetro by 11.0% in the 4th quarter. Jane Street Group LLC now owns 221,175 shares of the company's stock worth $2,064,000 after purchasing an additional 21,980 shares during the period. Ameriprise Financial Inc. raised its holdings in ProPetro by 18.4% in the 4th quarter. Ameriprise Financial Inc. now owns 448,404 shares of the company's stock worth $4,184,000 after purchasing an additional 69,718 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in ProPetro by 129.3% in the 4th quarter. BNP Paribas Financial Markets now owns 249,136 shares of the company's stock worth $2,324,000 after purchasing an additional 140,476 shares during the period. 84.70% of the stock is currently owned by hedge funds and other 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.

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