ProPetro (NYSE:PUMP) Stock Price Down 3.4% – Here’s Why

ProPetro Holding Corp. (NYSE:PUMP)’s share price fell 3.4% during mid-day trading on Friday . The company traded as low as $10.50 and last traded at $10.33. 87,593 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 1,369,599 shares. The stock had previously closed at $10.69.

Wall Street Analyst Weigh In

PUMP has been the subject of a number of recent research reports. Stifel Nicolaus reduced their price target on ProPetro from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Barclays reduced their target price on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Citigroup lifted their price target on shares of ProPetro from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. Finally, JPMorgan Chase & Co. upgraded shares of ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price objective for the company in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $10.75.

ProPetro Stock Performance

The company has a quick ratio of 1.14, a current ratio of 1.20 and a debt-to-equity ratio of 0.05. The stock’s fifty day moving average is $9.17 and its two-hundred day moving average is $8.44. The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of -7.81 and a beta of 2.00.

Insider Transactions at ProPetro

In other ProPetro news, CFO David Scott Schorlemer purchased 4,500 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were acquired at an average price of $6.86 per share, for a total transaction of $30,870.00. Following the purchase, the chief financial officer now owns 112,992 shares in the company, valued at approximately $775,125.12. The trade was a 4.15 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.88% of the stock is owned by company insiders.

Hedge Funds Weigh In On ProPetro

Several institutional investors and hedge funds have recently modified their holdings of PUMP. GAMMA Investing LLC increased its position in 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 buying an additional 1,473 shares during the period. Quarry LP acquired a new position in shares of ProPetro in the second quarter valued at about $40,000. nVerses Capital LLC increased its position in ProPetro by 226.3% during the third quarter. nVerses Capital LLC now owns 6,200 shares of the company’s stock worth $47,000 after acquiring an additional 4,300 shares during the period. KBC Group NV raised its stake in ProPetro by 90.5% in the 4th quarter. KBC Group NV now owns 8,045 shares of the company’s stock worth $75,000 after purchasing an additional 3,821 shares in the last quarter. Finally, CWM LLC boosted its holdings in ProPetro by 17.2% in the 3rd quarter. CWM LLC now owns 8,624 shares of the company’s stock valued at $66,000 after purchasing an additional 1,267 shares during the period. 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.