ProPetro (NYSE:PUMP) Sets New 12-Month Low - Here's What Happened

Key Points

• ProPetro Holding Corp. (NYSE:PUMP) shares hit a new 52-week low of $4.60 during trading, closing at $4.84 with a trading volume of 779,805 shares.
• Brokerages have revised their price targets for ProPetro, with JPMorgan reducing their target from $8.00 to $7.00 and Stifel Nicolaus maintaining a target of $10.00, while the average analyst target price is currently $9.00.
• The company's latest earnings report showed a net loss of ($0.07) per share, missing expectations, with quarterly revenue declining 9.2% from the previous year.

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $4.60 and last traded at $4.84, with a volume of 779805 shares trading hands. The stock had previously closed at $4.62.

Analyst Ratings Changes

A number of analysts have issued reports on PUMP shares. Piper Sandler began coverage on ProPetro in a research note on Monday, July 14th. They issued a "neutral" rating and a $7.00 target price for the company. Stifel Nicolaus set a $10.00 price target on ProPetro and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Finally, JPMorgan Chase & Co. dropped their target price on ProPetro from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, May 28th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $9.00.

ProPetro Stock Performance

The company has a debt-to-equity ratio of 0.07, a current ratio of 1.42 and a quick ratio of 1.35. The stock has a 50-day simple moving average of $5.94 and a 200 day simple moving average of $6.50. The company has a market capitalization of $506.85 million, a PE ratio of -3.31 and a beta of 1.18.

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

Institutional Investors Weigh In On ProPetro

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its holdings in ProPetro by 359.2% during the 4th quarter. Millennium Management LLC now owns 508,817 shares of the company's stock worth $4,747,000 after buying an additional 398,021 shares during the last quarter. New Age Alpha Advisors LLC increased its position in shares of ProPetro by 57.8% during the 1st quarter. New Age Alpha Advisors LLC now owns 172,403 shares of the company's stock valued at $1,267,000 after purchasing an additional 63,120 shares during the period. Teacher Retirement System of Texas acquired a new position in shares of ProPetro during the 1st quarter valued at $89,000. Principal Financial Group Inc. increased its position in shares of ProPetro by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 395,202 shares of the company's stock valued at $2,905,000 after purchasing an additional 10,434 shares during the period. Finally, Deutsche Bank AG increased its position in shares of ProPetro by 47.5% during the 4th quarter. Deutsche Bank AG now owns 81,611 shares of the company's stock valued at $761,000 after purchasing an additional 26,299 shares during the period. 84.70% of the stock is currently owned by institutional investors and hedge funds.

About ProPetro

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.