ProPetro (NYSE:PUMP) Price Target Lowered to $5.00 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 target price decreased by research analysts at Citigroup from $6.50 to $5.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Citigroup's price objective points to a potential upside of 7.53% from the stock's previous close.

Other analysts also recently issued research reports about the company. Piper Sandler dropped their target price on ProPetro from $7.00 to $6.00 and set a "neutral" rating for the company in a research report on Thursday, August 14th. Zacks Research downgraded ProPetro from a "hold" rating to a "strong sell" rating in a research report on Monday, September 1st. JPMorgan Chase & Co. lowered their price objective on ProPetro from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. Finally, Stifel Nicolaus set a $10.00 price objective on ProPetro and gave the company a "buy" rating in a research report on Wednesday, July 16th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $7.80.

ProPetro Price Performance

NYSE:PUMP traded down $0.22 during mid-day trading on Tuesday, reaching $4.65. The stock had a trading volume of 2,700,961 shares, compared to its average volume of 1,855,757. The firm has a 50 day moving average price of $5.30 and a two-hundred day moving average price of $5.85. The stock has a market capitalization of $483.45 million, a P/E ratio of -3.16 and a beta of 1.13. ProPetro has a one year low of $4.51 and a one year high of $11.17. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.35 and a current ratio of 1.42.

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

Institutional Trading of ProPetro

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quarry LP purchased a new position in shares of ProPetro during the first quarter valued at approximately $25,000. Headlands Technologies LLC purchased a new position in shares of ProPetro during the first quarter valued at approximately $32,000. State of Wyoming purchased a new position in shares of ProPetro during the first quarter valued at approximately $48,000. PharVision Advisers LLC purchased a new position in shares of ProPetro during the second quarter valued at approximately $60,000. Finally, Raymond James Financial Inc. purchased a new position in shares of ProPetro during the second quarter valued at approximately $60,000. Institutional investors own 84.70% of the company's stock.

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.