ProPetro (NYSE:PUMP) Hits New 1-Year High – Still a Buy?

ProPetro Holding Corp. (NYSE:PUMP) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $10.64 and last traded at $10.60, with a volume of 138820 shares. The stock had previously closed at $10.28.

Analyst Ratings Changes

Several research firms recently commented on PUMP. Barclays reduced their price target on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Stifel Nicolaus decreased their target price 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. Citigroup boosted their price target on ProPetro from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. raised ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price objective for the company in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $10.75.

ProPetro Trading Up 2.4 %

The company has a debt-to-equity ratio of 0.05, a current ratio of 1.20 and a quick ratio of 1.14. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of -8.08 and a beta of 2.00. The business’s 50 day moving average price is $8.87 and its 200-day moving average price is $8.35.

Insiders Place Their Bets

In other ProPetro news, CFO David Scott Schorlemer bought 4,500 shares of ProPetro stock in a transaction on Monday, November 4th. The stock was bought at an average price of $6.86 per share, with a total value of $30,870.00. Following the completion of the acquisition, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.97% of the stock is currently owned by insiders.

Institutional Trading of ProPetro

Several hedge funds and other institutional investors have recently made changes to their positions in PUMP. GAMMA Investing LLC increased its holdings in ProPetro by 38.0% in the fourth quarter. GAMMA Investing LLC now owns 4,446 shares of the company’s stock valued at $41,000 after buying an additional 1,225 shares in the last quarter. JPMorgan Chase & Co. increased its stake in ProPetro by 5.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 97,736 shares of the company’s stock valued at $749,000 after purchasing an additional 5,198 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in ProPetro by 209.2% during the third quarter. B. Riley Wealth Advisors Inc. now owns 272,374 shares of the company’s stock worth $2,115,000 after purchasing an additional 184,273 shares during the last quarter. Franklin Resources Inc. boosted its position in ProPetro by 5.8% during the third quarter. Franklin Resources Inc. now owns 61,979 shares of the company’s stock worth $513,000 after purchasing an additional 3,417 shares in the last quarter. Finally, Barclays PLC grew its holdings in ProPetro by 109.2% in the third quarter. Barclays PLC now owns 242,057 shares of the company’s stock valued at $1,855,000 after purchasing an additional 126,346 shares during the last quarter. Institutional investors and hedge funds 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.