ProPetro (NYSE:PUMP) Trading Down 6% - Here's What Happened

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report) was down 6% during trading on Monday . The stock traded as low as $6.17 and last traded at $6.16. Approximately 1,944,857 shares traded hands during mid-day trading, an increase of 26% from the average daily volume of 1,548,888 shares. The stock had previously closed at $6.55.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PUMP. Barclays lowered their price objective on ProPetro from $12.00 to $11.00 and set an "overweight" rating for the company in a research report on Monday, March 3rd. JPMorgan Chase & Co. dropped their target price on shares of ProPetro from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. Finally, Stifel Nicolaus reduced their price target on ProPetro from $12.00 to $11.00 and set a "buy" rating on the stock in a research report 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. According to MarketBeat, ProPetro currently has an average rating of "Hold" and a consensus price target of $9.75.

ProPetro Trading Down 6.7%

The company has a quick ratio of 1.39, a current ratio of 1.44 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $634.89 million, a P/E ratio of -4.27 and a beta of 1.17. The company has a fifty day simple moving average of $5.68 and a two-hundred day simple moving average of $7.48.

ProPetro (NYSE:PUMP - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.03. ProPetro had a positive return on equity of 2.16% and a negative net margin of 10.60%. The business had revenue of $359.42 million during the quarter, compared to analysts' expectations of $344.36 million. During the same period in the prior year, the business earned $0.18 EPS. ProPetro's revenue for the quarter was down 11.4% compared to the same quarter last year. On average, sell-side analysts expect that ProPetro Holding Corp. will post 0.25 earnings per share for the current year.

Hedge Funds Weigh In On ProPetro

Hedge funds have recently made changes to their positions in the business. Quarry LP bought a new stake in ProPetro during the first quarter worth about $25,000. Smartleaf Asset Management LLC raised its stake in shares of ProPetro by 205.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,983 shares of the company's stock worth $28,000 after purchasing an additional 2,005 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of ProPetro in the 1st quarter valued at approximately $32,000. State of Wyoming bought a new position in shares of ProPetro in the first quarter valued at $48,000. Finally, Aigen Investment Management LP acquired a new position in ProPetro during the first quarter worth $80,000. 84.70% of the stock is owned by institutional investors.

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.

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