ProPetro (NYSE:PUMP) Trading Down 7% – Time to Sell?

Shares of ProPetro Holding Corp. (NYSE:PUMP) fell 7% during trading on Tuesday . The stock traded as low as $9.43 and last traded at $9.4790. 510,232 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 2,297,199 shares. The stock had previously closed at $10.19.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Citigroup boosted their price target on shares of ProPetro from $6.00 to $12.00 and gave the stock a “neutral” rating in a research report on Friday, October 31st. Wolfe Research raised ProPetro to a “buy” rating and set a $13.00 price objective on the stock in a research note on Wednesday, December 10th. Barclays lifted their target price on ProPetro from $5.00 to $10.00 and gave the stock an “equal weight” rating in a report on Monday, November 3rd. JPMorgan Chase & Co. upgraded shares of ProPetro from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $7.00 to $13.00 in a research note on Wednesday, December 10th. Finally, Piper Sandler upgraded shares of ProPetro from a “neutral” rating to an “overweight” rating and set a $16.00 price objective on the stock in a report on Monday, November 3rd. Four analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $12.33.

ProPetro Stock Performance

The company’s 50-day simple moving average is $8.83 and its 200 day simple moving average is $6.68. The company has a current ratio of 1.26, a quick ratio of 1.19 and a debt-to-equity ratio of 0.11. The stock has a market cap of $986.27 million, a P/E ratio of -55.85 and a beta of 0.80.

ProPetro (NYSE:PUMP) last posted its quarterly earnings results on Wednesday, October 29th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.09. ProPetro had a negative return on equity of 0.06% and a negative net margin of 1.31%.The company had revenue of $293.92 million during the quarter, compared to the consensus estimate of $266.25 million. During the same quarter in the prior year, the company earned ($1.32) EPS. The firm’s quarterly revenue was down 18.6% compared to the same quarter last year. As a group, sell-side analysts expect that ProPetro Holding Corp. will post 0.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other ProPetro news, Director G Larry Lawrence sold 27,000 shares of ProPetro stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $10.84, for a total transaction of $292,680.00. Following the sale, the director directly owned 35,831 shares of the company’s stock, valued at approximately $388,408.04. The trade was a 42.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michele Vion sold 6,916 shares of ProPetro stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $10.64, for a total value of $73,586.24. Following the sale, the director owned 45,029 shares in the company, valued at $479,108.56. This represents a 13.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is owned by corporate insiders.

Institutional Trading of ProPetro

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Hudson Bay Capital Management LP purchased a new stake in shares of ProPetro during the 3rd quarter valued at about $124,000. Tudor Investment Corp ET AL bought a new position in ProPetro during the third quarter valued at approximately $2,280,000. Dark Forest Capital Management LP purchased a new stake in ProPetro in the third quarter worth approximately $57,000. XTX Topco Ltd bought a new stake in ProPetro in the 3rd quarter worth approximately $613,000. Finally, VR Advisory Services Ltd raised its stake in ProPetro by 213.2% during the 3rd quarter. VR Advisory Services Ltd now owns 3,679,359 shares of the company’s stock valued at $19,280,000 after buying an additional 2,504,634 shares during the last quarter. 84.70% of the stock is currently owned by institutional investors.

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.