ProPetro (NYSE:PUMP) Shares Gap Up - Here's Why

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $6.26, but opened at $6.59. ProPetro shares last traded at $6.56, with a volume of 501,378 shares changing hands.

Analyst Ratings Changes

A number of research firms have weighed in on PUMP. JPMorgan Chase & Co. decreased their price objective on shares of ProPetro from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. 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 research report on Monday, March 3rd. Benchmark reaffirmed a "hold" rating on shares of ProPetro in a research report on Thursday, February 20th. Finally, Stifel Nicolaus reduced their price target on shares of ProPetro from $12.00 to $11.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, ProPetro presently has an average rating of "Hold" and an average price target of $9.75.

ProPetro Stock Up 2.9%

The firm has a market cap of $669.60 million, a P/E ratio of -4.81 and a beta of 1.17. The firm's 50-day moving average price is $5.54 and its 200 day moving average price is $7.56. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.31 and a quick ratio of 1.14.

ProPetro (NYSE:PUMP - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.03. The firm had revenue of $359.42 million for the quarter, compared to analyst estimates of $344.36 million. ProPetro had a negative net margin of 9.55% and a positive return on equity of 3.20%. ProPetro's quarterly revenue was down 11.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.18 earnings per share. On average, equities research analysts expect that ProPetro Holding Corp. will post 0.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ProPetro

Large investors have recently made changes to their positions in the company. Quarry LP acquired a new stake in shares of ProPetro in the first quarter valued at approximately $25,000. Smartleaf Asset Management LLC increased 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 valued at $28,000 after purchasing an additional 2,005 shares during the period. Headlands Technologies LLC acquired a new stake in shares of ProPetro in the first quarter valued at approximately $32,000. State of Wyoming acquired a new stake in shares of ProPetro in the first quarter valued at approximately $48,000. Finally, Aigen Investment Management LP acquired a new stake in shares of ProPetro in the first quarter valued at approximately $80,000. Institutional investors and hedge funds own 84.70% of the company's stock.

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.