ProPetro (NYSE:PUMP) Shares Down 4.8% - Here's Why

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report) shares dropped 4.8% during trading on Wednesday . The stock traded as low as $5.66 and last traded at $5.63. Approximately 282,604 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 1,558,927 shares. The stock had previously closed at $5.91.

Analyst Ratings Changes

PUMP has been the topic of several recent analyst reports. Stifel Nicolaus dropped their target price on shares of ProPetro from $12.00 to $11.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. JPMorgan Chase & Co. dropped their target price on shares of ProPetro from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, May 28th. Benchmark reiterated a "hold" rating on shares of ProPetro in a report on Thursday, February 20th. Finally, Barclays dropped their target price on shares of ProPetro from $12.00 to $11.00 and set an "overweight" rating on the stock in a report on Monday, March 3rd. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $9.75.

ProPetro Stock Up 0.8%

The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.14 and a current ratio of 1.31. The company has a market capitalization of $594.88 million, a price-to-earnings ratio of -4.27 and a beta of 1.17. The firm's 50-day simple moving average is $5.53 and its 200-day simple moving average is $7.64.

ProPetro (NYSE:PUMP - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.03. The company 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%. The business's quarterly revenue was down 11.4% on a year-over-year basis. During the same period last year, the business posted $0.18 EPS. Sell-side analysts forecast that ProPetro Holding Corp. will post 0.25 earnings per share for the current year.

Institutional Trading of ProPetro

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Barclays PLC grew its position in ProPetro by 109.2% in the 3rd quarter. Barclays PLC now owns 242,057 shares of the company's stock worth $1,855,000 after purchasing an additional 126,346 shares during the last quarter. Millennium Management LLC boosted its position in shares of ProPetro by 359.2% during the 4th 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 in the last quarter. New York State Common Retirement Fund boosted its position in shares of ProPetro by 46.9% during the 4th 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 in the last quarter. Principal Financial Group Inc. boosted its position in shares of ProPetro by 1.6% during the 4th 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 in the last quarter. Finally, Deutsche Bank AG boosted its position in shares of ProPetro by 47.5% during the 4th 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 in the last quarter. 84.70% of the stock is currently owned by institutional investors and hedge funds.

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.