ProPetro (NYSE:PUMP) Shares Gap Up After Strong Earnings

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report) gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. 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.

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

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PUMP shares. 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. Citigroup increased their price objective on ProPetro from $8.00 to $10.00 and gave the stock a "neutral" rating in a report on Tuesday, January 7th. Benchmark restated a "hold" rating on shares of ProPetro in a report on Thursday, February 20th. Finally, Barclays decreased their price target on shares of ProPetro from $12.00 to $11.00 and set an "overweight" rating for the company in a research note on Monday, March 3rd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $10.50.

Institutional Trading of ProPetro

Several institutional investors have recently bought and sold shares of PUMP. Smartleaf Asset Management LLC lifted its stake in shares of ProPetro by 205.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,983 shares of the company's stock worth $28,000 after buying an additional 2,005 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of ProPetro by 38.0% in the 4th quarter. GAMMA Investing LLC now owns 4,446 shares of the company's stock worth $41,000 after purchasing an additional 1,225 shares in the last quarter. KBC Group NV lifted its holdings in shares of ProPetro by 90.5% during the fourth quarter. KBC Group NV now owns 8,045 shares of the company's stock valued at $75,000 after purchasing an additional 3,821 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of ProPetro during the first quarter valued at $89,000. Finally, Raymond James Financial Inc. bought a new stake in ProPetro in the 4th quarter worth about $94,000. 84.70% of the stock is owned by hedge funds and other institutional investors.

ProPetro Trading Up 2.8 %

The stock has a 50-day simple moving average of $6.38 and a two-hundred day simple moving average of $7.97. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.14 and a current ratio of 1.31. The firm has a market cap of $571.85 million, a PE ratio of -4.11 and a beta of 1.58.

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.