ProPetro (NYSE:PUMP) Stock Price Down 7.8% - Here's What Happened

Key Points

• ProPetro shares fell 7.8% in midday trading, touching a low of $12.56 after closing at $13.59 the previous day. Trading volume was also lighter than usual, with about 1.6 million shares changing hands.
• Despite the selloff, analysts remain largely bullish on the stock. Seven analysts rate ProPetro a Buy, with a consensus rating of Moderate Buy and an average price target of $18.25.
• Recent earnings were mixed: ProPetro beat EPS expectations with a loss of $0.03 per share versus the expected loss of $0.12, but revenue came in below estimates and was down 24.6% year over year.

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report)'s stock price was down 7.8% during mid-day trading on Thursday . The company traded as low as $12.56 and last traded at $12.5350. 1,604,316 shares traded hands during trading, a decline of 59% from the average daily volume of 3,925,460 shares. The stock had previously closed at $13.59.

Wall Street Analyst Weigh In

Several research analysts recently commented on PUMP shares. Piper Sandler raised their price target on shares of ProPetro from $17.00 to $20.00 and gave the company an "overweight" rating in a report on Monday, May 18th. Odeon Capital Group assumed coverage on shares of ProPetro in a research note on Thursday, May 28th. They set a "buy" rating for the company. Bank of America began coverage on shares of ProPetro in a research report on Monday, March 30th. They issued a "buy" rating and a $18.00 price objective for the company. Citigroup raised their target price on shares of ProPetro from $16.00 to $20.00 and gave the company a "buy" rating in a research note on Tuesday, May 5th. Finally, Barclays upgraded shares of ProPetro from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $14.00 to $23.00 in a report on Thursday, May 7th. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.25.

ProPetro Trading Down 8.4%

The firm has a fifty day moving average of $14.78 and a 200 day moving average of $13.61. The firm has a market capitalization of $1.53 billion, a PE ratio of -112.65 and a beta of 0.72. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.57 and a current ratio of 1.64.

ProPetro (NYSE:PUMP - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, topping analysts' consensus estimates of ($0.12) by $0.09. The firm had revenue of $270.69 million during the quarter, compared to analysts' expectations of $277.49 million. ProPetro had a negative return on equity of 1.43% and a negative net margin of 1.05%.ProPetro's quarterly revenue was down 24.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.09 EPS. Equities research analysts expect that ProPetro Holding Corp. will post -0.02 EPS for the current year.

Institutional Investors Weigh In On ProPetro

Large investors have recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL acquired a new stake in ProPetro in the third quarter valued at $2,280,000. Y Intercept Hong Kong Ltd acquired a new position in ProPetro during the 1st quarter worth $2,045,000. Jefferies Financial Group Inc. bought a new stake in shares of ProPetro in the 4th quarter worth about $3,085,000. First Eagle Investment Management LLC increased its position in shares of ProPetro by 7.5% in the 4th quarter. First Eagle Investment Management LLC now owns 487,333 shares of the company's stock worth $4,635,000 after purchasing an additional 34,000 shares during the last quarter. Finally, GeoSphere Capital Management LLC acquired a new stake in shares of ProPetro in the 4th quarter valued at about $2,853,000. 84.70% of the stock is owned by institutional investors and hedge funds.

About ProPetro

ProPetro Holding Corp is a publicly traded oilfield services company that specializes in hydraulic fracturing and well completion solutions for exploration and production operators. Headquartered in Midland, Texas, the company delivers a comprehensive suite of pressure pumping services designed to optimize reservoir stimulation and enhance hydrocarbon recovery. Its integrated approach encompasses well design, proppant selection, fluid systems and pressure management to support clients' development targets across unconventional plays.

The company's core offerings include high-pressure fracturing, coiled tubing, cementing, acidizing and flowback services, all supported by in-house logistics and digital monitoring tools.

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