ProPetro (NYSE:PUMP) Shares Gap Down - What's Next?

Key Points

• ProPetro's shares have experienced a gap down, opening at $4.90 after closing at $5.03, and currently trading at $4.95.
• Analysts' ratings for ProPetro vary, with Barclays lowering its target to $5.00, while Citigroup raised theirs to $6.00, though the majority suggest a Reduce rating.
• ProPetro reported a loss of $0.07 earnings per share for the last quarter, missing expectations, and its quarterly revenue fell by 9.2% year-over-year.

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $5.03, but opened at $4.90. ProPetro shares last traded at $4.95, with a volume of 277,504 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on PUMP shares. Barclays reissued an "equal weight" rating and set a $5.00 price target (down from $6.00) on shares of ProPetro in a research note on Monday. Citigroup raised their price objective on ProPetro from $5.00 to $6.00 and gave the company a "neutral" rating in a research note on Wednesday, October 8th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of ProPetro in a research note on Wednesday, October 8th. Piper Sandler lowered their price objective on ProPetro from $7.00 to $6.00 and set a "neutral" rating for the company in a research note on Thursday, August 14th. Finally, Zacks Research lowered ProPetro from a "hold" rating to a "strong sell" rating in a research note on Monday, September 1st. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $6.80.

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 firm has a fifty day moving average price of $4.99 and a two-hundred day moving average price of $5.54. The stock has a market capitalization of $528.69 million, a PE ratio of -3.46 and a beta of 1.00.

ProPetro (NYSE:PUMP - Get Free Report) last issued 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 business 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 posted ($0.03) earnings per share. The company's quarterly revenue was down 9.2% compared to the same quarter last year. Research analysts expect that ProPetro Holding Corp. will post 0.25 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Sourcerock Group LLC increased its holdings in ProPetro by 66.4% during the 2nd quarter. Sourcerock Group LLC now owns 8,408,391 shares of the company's stock worth $50,198,000 after purchasing an additional 3,355,848 shares during the period. American Century Companies Inc. increased its holdings in ProPetro by 3.1% during the 2nd quarter. American Century Companies Inc. now owns 3,556,150 shares of the company's stock worth $21,230,000 after purchasing an additional 107,090 shares during the period. Philosophy Capital Management LLC increased its holdings in ProPetro by 23.2% during the 1st quarter. Philosophy Capital Management LLC now owns 2,820,887 shares of the company's stock worth $20,734,000 after purchasing an additional 531,751 shares during the period. Nuveen LLC purchased a new position in ProPetro during the 1st quarter worth $11,757,000. Finally, VR Advisory Services Ltd purchased a new position in ProPetro during the 1st quarter worth $8,634,000. 84.70% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.