ProPetro (NYSE:PUMP) Given New $16.00 Price Target at Citigroup

ProPetro (NYSE:PUMP) had its price objective dropped by equities researchers at Citigroup from $20.00 to $16.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target indicates a potential upside of 43.87% from the stock’s previous close.

A number of other research analysts have also commented on PUMP. Odeon Capital Group initiated coverage on shares of ProPetro in a research note on Thursday, May 28th. They issued a “buy” rating on the stock. Barclays upgraded shares of ProPetro from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $14.00 to $23.00 in a research note on Thursday, May 7th. Piper Sandler lowered their price target on ProPetro from $20.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday. Stifel Nicolaus dropped their price target on ProPetro from $23.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $16.00 price objective on shares of ProPetro in a research note on Wednesday, June 3rd. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, ProPetro presently has an average rating of “Moderate Buy” and an average target price of $17.12.

ProPetro Stock Performance

NYSE PUMP traded up $0.02 on Monday, reaching $11.12. The stock had a trading volume of 1,862,877 shares, compared to its average volume of 4,075,021. The stock has a market cap of $1.36 billion, a P/E ratio of -101.14 and a beta of 0.72. ProPetro has a 12-month low of $4.51 and a 12-month high of $18.50. The business’s 50-day moving average price is $13.90 and its 200 day moving average price is $13.69. The company has a debt-to-equity ratio of 0.80, a quick ratio of 4.00 and a current ratio of 4.09.

ProPetro (NYSE:PUMP) last announced its earnings results on Wednesday, July 29th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). The business had revenue of $305.81 million for the quarter, compared to analysts’ expectations of $304.48 million. ProPetro had a negative return on equity of 1.49% and a negative net margin of 1.15%.The business’s revenue was down 6.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.07) earnings per share. As a group, equities analysts expect that ProPetro will post -0.02 earnings per share for the current year.

Hedge Funds Weigh In On ProPetro

Institutional investors have recently made changes to their positions in the stock. Valiant Capital Management L.P. bought a new stake in shares of ProPetro during the 4th quarter worth $34,890,000. Sourcerock Group LLC increased its stake in shares of ProPetro by 66.4% in the second quarter. Sourcerock Group LLC now owns 8,408,391 shares of the company’s stock worth $50,198,000 after acquiring an additional 3,355,848 shares during the last quarter. Cooper Creek Partners Management LLC acquired a new position in shares of ProPetro in the first quarter worth $42,748,000. VR Advisory Services Ltd raised its holdings in shares of ProPetro by 213.2% during the third quarter. VR Advisory Services Ltd now owns 3,679,359 shares of the company’s stock worth $19,280,000 after acquiring an additional 2,504,634 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in ProPetro by 209.5% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,704,145 shares of the company’s stock valued at $14,170,000 after purchasing an additional 1,830,399 shares during the last quarter. 84.70% of the stock is owned by institutional investors.

ProPetro Company Profile

ProPetro Holding Corp is a publicly traded oilfield services company that specializes in hydraulic fracturing and well completion solutions for exploration and production operators. Headquartered in Midland, Texas, the company delivers a comprehensive suite of pressure pumping services designed to optimize reservoir stimulation and enhance hydrocarbon recovery. Its integrated approach encompasses well design, proppant selection, fluid systems and pressure management to support clients’ development targets across unconventional plays.

The company’s core offerings include high-pressure fracturing, coiled tubing, cementing, acidizing and flowback services, all supported by in-house logistics and digital monitoring tools.