ProPetro (NYSE:PUMP) Shares Gap Up – Should You Buy?

ProPetro Holding Corp. (NYSE:PUMP)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $7.88, but opened at $8.49. ProPetro shares last traded at $8.77, with a volume of 782,384 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PUMP. Barclays cut their target price on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Citigroup cut their target price on ProPetro from $8.50 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. 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 Friday, October 11th. Finally, JPMorgan Chase & Co. upgraded shares of ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 target price on the stock in a research report on Friday. Three investment 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 currently has an average rating of “Hold” and an average target price of $10.25.

ProPetro Price Performance

The company’s fifty day simple moving average is $7.96 and its two-hundred day simple moving average is $8.23. The stock has a market capitalization of $954.16 million, a PE ratio of -6.40 and a beta of 2.07. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.14 and a current ratio of 1.20.

Insider Activity at ProPetro

In other news, CFO David Scott Schorlemer bought 4,500 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were purchased at an average price of $6.86 per share, for a total transaction of $30,870.00. Following the completion of the transaction, the chief financial officer now owns 112,992 shares in the company, valued at $775,125.12. The trade was a 4.15 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.88% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ProPetro

Several large investors have recently added to or reduced their stakes in PUMP. GAMMA Investing LLC grew its holdings in shares of ProPetro by 84.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,221 shares of the company’s stock worth $25,000 after purchasing an additional 1,473 shares during the period. Quarry LP acquired a new stake in ProPetro during the 2nd quarter valued at $40,000. nVerses Capital LLC increased its stake in ProPetro by 226.3% during the 3rd quarter. nVerses Capital LLC now owns 6,200 shares of the company’s stock worth $47,000 after buying an additional 4,300 shares during the period. CWM LLC lifted its holdings in ProPetro by 17.2% in the 3rd quarter. CWM LLC now owns 8,624 shares of the company’s stock worth $66,000 after buying an additional 1,267 shares in the last quarter. Finally, Chilton Capital Management LLC boosted its position in ProPetro by 87.1% in the 2nd quarter. Chilton Capital Management LLC now owns 8,595 shares of the company’s stock valued at $75,000 after buying an additional 4,000 shares during the last quarter. 84.70% of the stock is currently owned by hedge funds and other 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.