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

Shares of ProPetro Holding Corp. (NYSE:PUMP - Get Free Report) gapped up before the market opened 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 traded.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Benchmark reaffirmed a "hold" rating on shares of ProPetro in a report on Thursday, February 20th. JPMorgan Chase & Co. cut their target price on shares of ProPetro from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 28th. Barclays decreased their price target on ProPetro from $12.00 to $11.00 and set an "overweight" rating for the company in a research note on Monday, March 3rd. Finally, Stifel Nicolaus cut their price objective on ProPetro from $12.00 to $11.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $9.75.

ProPetro Stock Down 0.1%

The company has a debt-to-equity ratio of 0.06, a current ratio of 1.31 and a quick ratio of 1.14. The stock's fifty day simple moving average is $5.54 and its two-hundred day simple moving average is $7.54. The company has a market capitalization of $669.70 million, a price-to-earnings ratio of -4.81 and a beta of 1.17.

ProPetro (NYSE:PUMP - Get Free Report) last issued its earnings results 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. 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 analyst estimates of $344.36 million. During the same period last year, the company earned $0.18 earnings per share. The firm's revenue for the quarter was down 11.4% on a year-over-year basis. On average, sell-side analysts predict that ProPetro Holding Corp. will post 0.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ProPetro

Several large investors have recently made changes to their positions in PUMP. Van ECK Associates Corp lifted its holdings in ProPetro by 57.3% in the fourth quarter. Van ECK Associates Corp now owns 1,527,598 shares of the company's stock worth $14,253,000 after purchasing an additional 556,747 shares during the period. Principal Financial Group Inc. increased its stake in shares of ProPetro by 1.6% during the fourth quarter. Principal Financial Group Inc. now owns 384,768 shares of the company's stock valued at $3,590,000 after acquiring an additional 6,099 shares during the period. New York State Common Retirement Fund raised its holdings in ProPetro by 46.9% during the fourth quarter. New York State Common Retirement Fund now owns 23,498 shares of the company's stock worth $219,000 after purchasing an additional 7,502 shares in the last quarter. Ieq Capital LLC lifted its position in ProPetro by 13.0% in the fourth quarter. Ieq Capital LLC now owns 13,604 shares of the company's stock worth $127,000 after purchasing an additional 1,564 shares during the period. Finally, Proficio Capital Partners LLC bought a new position in ProPetro during the 4th quarter valued at $175,000. 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.