ProPetro (NYSE:PUMP) Shares Gap Up on Better-Than-Expected Earnings

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report) gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $5.27, but opened at $5.98. ProPetro shares last traded at $5.67, with a volume of 447,786 shares traded.

The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.03. The business had revenue of $359.42 million for the quarter, compared to analysts' expectations of $344.36 million. ProPetro had a positive return on equity of 3.20% and a negative net margin of 9.55%. The firm's quarterly revenue was down 11.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.18 earnings per share.

Analyst Upgrades and Downgrades

PUMP has been the topic of a number of recent analyst reports. Stifel Nicolaus reduced their target price on ProPetro from $12.00 to $11.00 and set a "buy" rating on the stock in a report on Wednesday. Barclays decreased their price objective on shares of ProPetro from $12.00 to $11.00 and set an "overweight" rating for the company in a report on Monday, March 3rd. Benchmark reiterated a "hold" rating on shares of ProPetro in a report on Thursday, February 20th. Finally, Citigroup lifted their price target on shares of ProPetro from $8.00 to $10.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 7th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, ProPetro presently has an average rating of "Hold" and an average target price of $10.50.

Institutional Investors Weigh In On ProPetro

Institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. lifted its holdings in shares of ProPetro by 8.8% in the fourth quarter. American Century Companies Inc. now owns 3,236,135 shares of the company's stock valued at $30,193,000 after purchasing an additional 262,202 shares in the last quarter. Van ECK Associates Corp raised its position in ProPetro by 57.3% in the 4th quarter. Van ECK Associates Corp now owns 1,527,598 shares of the company's stock valued at $14,253,000 after buying an additional 556,747 shares during the last quarter. Sourcerock Group LLC bought a new stake in ProPetro in the 4th quarter valued at approximately $14,079,000. Bridgeway Capital Management LLC boosted its position in ProPetro by 2.7% during the 4th quarter. Bridgeway Capital Management LLC now owns 1,034,873 shares of the company's stock worth $9,655,000 after acquiring an additional 27,086 shares during the last quarter. Finally, Royce & Associates LP raised its holdings in shares of ProPetro by 29.5% in the fourth quarter. Royce & Associates LP now owns 931,139 shares of the company's stock valued at $8,688,000 after purchasing an additional 212,312 shares during the last quarter. 84.70% of the stock is owned by institutional investors.

ProPetro Stock Performance

The firm has a market cap of $571.85 million, a P/E ratio of -4.11 and a beta of 1.58. The stock's 50-day moving average price is $6.43 and its 200 day moving average price is $7.99. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.31 and a quick ratio of 1.14.

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.