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

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PUMP shares. Barclays reduced their price target on shares of ProPetro from $12.00 to $11.00 and set an "overweight" rating for the company in a report on Monday, March 3rd. Stifel Nicolaus reduced their price objective on shares of ProPetro from $12.00 to $11.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Benchmark reissued a "hold" rating on shares of ProPetro in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. reduced their price target on shares of ProPetro from $8.00 to $7.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 28th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $9.75.

ProPetro Price Performance

The firm's fifty day moving average price is $5.49 and its 200 day moving average price is $7.62. The stock has a market cap of $620.34 million, a PE ratio of -4.46 and a beta of 1.17. The company has a quick ratio of 1.14, a current ratio of 1.31 and a debt-to-equity ratio of 0.06.

ProPetro (NYSE:PUMP - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate 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 prior year, the company posted $0.18 earnings per share. The company's revenue for the quarter was down 11.4% compared to the same quarter last year. As a group, equities analysts expect that ProPetro Holding Corp. will post 0.25 EPS for the current fiscal year.

Institutional Investors Weigh In On ProPetro

Institutional investors have recently added to or reduced their stakes in the business. American Century Companies Inc. raised its stake in shares of ProPetro by 6.6% during the first quarter. American Century Companies Inc. now owns 3,449,060 shares of the company's stock worth $25,351,000 after purchasing an additional 212,925 shares during the last quarter. Philosophy Capital Management LLC boosted its stake in ProPetro by 23.2% in the 1st quarter. Philosophy Capital Management LLC now owns 2,820,887 shares of the company's stock worth $20,734,000 after buying an additional 531,751 shares during the last quarter. Nuveen LLC acquired a new stake in ProPetro in the 1st quarter worth about $11,757,000. Van ECK Associates Corp lifted its stake in shares of ProPetro by 57.3% in the 4th quarter. Van ECK Associates Corp now owns 1,527,598 shares of the company's stock valued at $14,253,000 after purchasing an additional 556,747 shares in the last quarter. Finally, Sourcerock Group LLC acquired a new position in ProPetro during the 4th quarter worth approximately $14,079,000. Hedge funds and other institutional investors 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.