ProPetro (NYSE:PUMP) Trading Up 8.3% - Time to Buy?

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report)'s share price rose 8.3% during mid-day trading on Tuesday . The stock traded as high as $5.87 and last traded at $5.87. Approximately 409,580 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 1,559,044 shares. The stock had previously closed at $5.42.

Analysts Set New Price Targets

PUMP has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered their price objective 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 lowered their price objective on shares of ProPetro from $12.00 to $11.00 and set an "overweight" rating on the stock in a research note on Monday, March 3rd. Benchmark restated a "hold" rating on shares of ProPetro in a research note on Thursday, February 20th. Finally, Stifel Nicolaus lowered their price objective on shares of 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 assigned a buy rating to the company's stock. According to MarketBeat.com, ProPetro currently has a consensus rating of "Hold" and an average price target of $9.75.

ProPetro Price Performance

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 50 day simple moving average is $5.49 and its two-hundred day simple moving average is $7.62. The stock has a market cap of $620.34 million, a price-to-earnings ratio of -4.46 and a beta of 1.17.

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

Institutional Investors Weigh In On ProPetro

A number of institutional investors have recently bought and sold shares of PUMP. Barclays PLC lifted its holdings in shares of ProPetro by 109.2% during the third quarter. Barclays PLC now owns 242,057 shares of the company's stock valued at $1,855,000 after acquiring an additional 126,346 shares during the period. Millennium Management LLC lifted its holdings in shares of ProPetro by 359.2% during the fourth quarter. Millennium Management LLC now owns 508,817 shares of the company's stock valued at $4,747,000 after acquiring an additional 398,021 shares during the period. New York State Common Retirement Fund lifted its holdings in shares of ProPetro by 46.9% during the fourth quarter. New York State Common Retirement Fund now owns 23,498 shares of the company's stock valued at $219,000 after acquiring an additional 7,502 shares during the period. Principal Financial Group Inc. lifted its holdings 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. Finally, Deutsche Bank AG lifted its holdings in shares of ProPetro by 47.5% during the fourth quarter. Deutsche Bank AG now owns 81,611 shares of the company's stock valued at $761,000 after acquiring an additional 26,299 shares during the period. Institutional investors and hedge funds own 84.70% of the company's stock.

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.