ProPetro (NYSE:PUMP) Sees Large Volume Increase - Here's Why

Key Points

• Shares experienced an unusually large volume spike to about 8.68 million shares traded (a 184% increase), with the stock last near $16.76 and trading up roughly 1.3%.
• Analysts are active on PUMP with a consensus rating of “Moderate Buy” (six Buys, three Holds, one Sell) and a consensus target of $14.50, while notable recent calls include upgrades/Buy initiations from Citi and Bank of America and targets up to $18.
• ProPetro beat Q1 EPS estimates at ($0.03) vs. ($0.12) expected but missed revenue ($270.7M vs. $277.5M) and saw revenue down 24.6% YoY; the company remains unprofitable with negative margins and analysts forecast ~($0.13) EPS for the year.

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report) shares saw unusually-high trading volume on Monday . Approximately 8,683,411 shares traded hands during trading, an increase of 184% from the previous session's volume of 3,060,679 shares.The stock last traded at $16.7570 and had previously closed at $16.62.

Analyst Upgrades and Downgrades

PUMP has been the topic of several analyst reports. The Goldman Sachs Group initiated coverage on shares of ProPetro in a research report on Friday, April 10th. They set a "neutral" rating and a $15.00 price target on the stock. Piper Sandler increased their price target on shares of ProPetro from $16.00 to $17.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 14th. Barclays increased their price target on shares of ProPetro from $12.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 9th. Citigroup upgraded shares of ProPetro from a "neutral" rating to a "buy" rating and increased their price target for the stock from $12.00 to $16.00 in a research report on Wednesday, April 15th. Finally, Bank of America initiated coverage on shares of ProPetro in a research report on Monday, March 30th. They set a "buy" rating and a $18.00 price target on the stock. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, ProPetro has a consensus rating of "Moderate Buy" and a consensus target price of $14.50.

ProPetro Trading Up 1.3%

The business's 50 day simple moving average is $14.06 and its two-hundred day simple moving average is $11.35. The stock has a market cap of $2.07 billion, a P/E ratio of -153.11 and a beta of 0.75. The company has a quick ratio of 1.57, a current ratio of 1.64 and a debt-to-equity ratio of 0.08.

ProPetro (NYSE:PUMP - Get Free Report) last posted its earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, topping analysts' consensus estimates of ($0.12) by $0.09. ProPetro had a negative net margin of 1.05% and a negative return on equity of 1.43%. The firm had revenue of $270.69 million for the quarter, compared to analysts' expectations of $277.49 million. During the same quarter in the previous year, the firm posted $0.09 earnings per share. The company's revenue was down 24.6% on a year-over-year basis. As a group, analysts expect that ProPetro Holding Corp. will post -0.13 EPS for the current year.

Hedge Funds Weigh In On ProPetro

Several large investors have recently bought and sold shares of PUMP. Valiant Capital Management L.P. bought a new position in ProPetro in the fourth quarter valued at about $34,890,000. Sourcerock Group LLC raised its position in ProPetro by 66.4% in the second quarter. Sourcerock Group LLC now owns 8,408,391 shares of the company's stock valued at $50,198,000 after purchasing an additional 3,355,848 shares during the last quarter. VR Advisory Services Ltd raised its position 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 raised its position 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 raised its position in ProPetro by 382.7% in the third 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 during the last quarter. 84.70% of the stock is currently owned by institutional investors.

About ProPetro

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.

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