ProPetro (NYSE:PUMP) Reaches New 52-Week 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 share price reached a new 52-week low during trading on Friday . The company traded as low as $4.60 and last traded at $4.84, with a volume of 779805 shares. The stock had previously closed at $4.62.

Analysts Set New Price Targets

Several brokerages recently weighed in on PUMP. JPMorgan Chase & Co. cut their price target on shares of ProPetro from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, May 28th. Piper Sandler started coverage on shares of ProPetro in a research report on Monday, July 14th. They set a "neutral" rating and a $7.00 target price for the company. Finally, 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. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, ProPetro presently has a consensus rating of "Hold" and an average target price of $9.00.

ProPetro Stock Performance

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 firm's 50 day moving average price is $5.98 and its 200-day moving average price is $6.66. The firm has a market capitalization of $500.62 million, a PE ratio of -3.26 and a beta of 1.18.

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

Hedge Funds Weigh In On ProPetro

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP acquired a new position in shares of ProPetro during the 1st quarter worth about $25,000. Headlands Technologies LLC acquired a new position in shares of ProPetro during the first quarter valued at approximately $32,000. State of Wyoming acquired a new position in shares of ProPetro during the first quarter valued at approximately $48,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of ProPetro in the second quarter valued at approximately $74,000. Finally, Aigen Investment Management LP acquired a new stake in shares of ProPetro in the first quarter worth approximately $80,000. 84.70% of the stock is 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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