Barclays Reaffirms Equal Weight Rating for ProPetro (NYSE:PUMP)

Key Points

• Barclays has downgraded ProPetro's rating from "overweight" to "equal weight," setting a target price of $5.00, which suggests a potential downside of approximately 3.47% from its previous close.
• ProPetro's latest earnings report revealed an earnings per share (EPS) of (0.07), falling short of the consensus estimate by ($0.10), with a revenue decrease of 9.2% year-over-year.
• According to MarketBeat data, the stock has an average rating of "Reduce" with a consensus target price of $6.80, indicating mixed sentiments from various analysts regarding investment potential.

ProPetro (NYSE:PUMP - Get Free Report)'s stock had its "equal weight" rating reiterated by investment analysts at Barclays in a research note issued on Monday, Marketbeat reports. They currently have a $5.00 price target on the stock, down from their previous price target of $6.00. Barclays's price target points to a potential downside of 3.47% from the company's previous close.

Several other analysts have also issued reports on PUMP. Citigroup increased their target price on ProPetro from $5.00 to $6.00 and gave the stock a "neutral" rating in a report on Wednesday, October 8th. Weiss Ratings restated a "sell (d)" rating on shares of ProPetro in a research report on Wednesday, October 8th. Piper Sandler dropped their price objective on ProPetro from $7.00 to $6.00 and set a "neutral" rating for the company in a research report on Thursday, August 14th. Zacks Research downgraded ProPetro from a "hold" rating to a "strong sell" rating in a research report on Monday, September 1st. Finally, Stifel Nicolaus set a $10.00 price objective on ProPetro and gave the stock a "buy" rating in a research report on Wednesday, July 16th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $6.80.

ProPetro Stock Performance

PUMP opened at $5.18 on Monday. The firm has a market cap of $538.56 million, a P/E ratio of -3.52 and a beta of 1.00. ProPetro has a 52-week low of $4.51 and a 52-week high of $11.17. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.35 and a current ratio of 1.42. The business's fifty day moving average is $4.99 and its 200-day moving average is $5.52.

ProPetro (NYSE:PUMP - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.10). The company had revenue of $326.15 million for the quarter, compared to analyst estimates of $331.26 million. ProPetro had a positive return on equity of 1.84% and a negative net margin of 11.10%.The business's revenue for the quarter was down 9.2% compared to the same quarter last year. During the same period last year, the company posted ($0.03) earnings per share. Sell-side analysts expect that ProPetro will post 0.25 EPS for the current fiscal year.

Hedge Funds Weigh In On ProPetro

Hedge funds have recently made changes to their positions in the stock. Quarry LP acquired a new stake in ProPetro during the first quarter worth approximately $25,000. Headlands Technologies LLC bought a new position in shares of ProPetro in the first quarter valued at approximately $32,000. State of Wyoming bought a new position in shares of ProPetro in the first quarter valued at approximately $48,000. Raymond James Financial Inc. bought a new stake in ProPetro during the second quarter worth $60,000. Finally, PharVision Advisers LLC bought a new stake in ProPetro during the second quarter worth $60,000. 84.70% of the stock is currently owned by institutional investors.

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.