ProPetro (NYSE:PUMP) Trading Down 4.2% – Time to Sell?

ProPetro Holding Corp. (NYSE:PUMP)’s stock price was down 4.2% on Monday . The company traded as low as $10.06 and last traded at $10.0350. 232,346 shares traded hands during trading, a decline of 94% from the average daily volume of 3,902,290 shares. The stock had previously closed at $10.48.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PUMP shares. Citigroup decreased their price objective on shares of ProPetro from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. Morgan Stanley started coverage on shares of ProPetro in a research note on Monday, September 14th. They issued an “equal weight” rating and a $13.00 price target for the company. Piper Sandler reduced their target price on ProPetro from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Thursday, August 27th. Wall Street Zen lowered ProPetro from a “hold” rating to a “sell” rating in a report on Saturday, August 29th. Finally, Barclays lowered their target price on ProPetro from $23.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 5th. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $15.78.

ProPetro Stock Performance

The company’s 50 day simple moving average is $11.57 and its 200 day simple moving average is $13.70. The company has a debt-to-equity ratio of 0.80, a quick ratio of 4.00 and a current ratio of 4.09. The stock has a market cap of $1.24 billion, a PE ratio of -91.85 and a beta of 0.77.

ProPetro (NYSE:PUMP) last issued its quarterly earnings results on Wednesday, July 29th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). ProPetro had a negative net margin of 1.15% and a negative return on equity of 1.49%. The business had revenue of $305.81 million for the quarter, compared to analysts’ expectations of $304.48 million. During the same period in the previous year, the business posted ($0.07) earnings per share. The business’s revenue was down 6.3% compared to the same quarter last year. Analysts expect that ProPetro Holding Corp. will post -0.11 earnings per share for the current year.

Insider Activity

In other ProPetro news, COO Adam Muñoz sold 70,696 shares of ProPetro stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $11.17, for a total value of $789,674.32. Following the sale, the chief operating officer owned 148,691 shares of the company’s stock, valued at approximately $1,660,878.47. The trade was a 32.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director G Lawrence sold 35,831 shares of the business’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $11.16, for a total transaction of $399,873.96. Following the completion of the transaction, the director owned 28,181 shares in the company, valued at approximately $314,499.96. The trade was a 55.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.55% of the stock is currently owned by corporate insiders.

Institutional Trading of ProPetro

Several hedge funds have recently made changes to their positions in PUMP. Y Intercept Hong Kong Ltd purchased a new stake in ProPetro in the 1st quarter worth about $2,045,000. Assenagon Asset Management S.A. bought a new position in ProPetro in the 2nd quarter worth approximately $18,700,000. Fund 1 Investments LLC grew its stake in ProPetro by 2,653.6% in the 2nd quarter. Fund 1 Investments LLC now owns 1,793,882 shares of the company’s stock valued at $25,724,000 after buying an additional 1,728,736 shares in the last quarter. Engineers Gate Manager LP raised its holdings in ProPetro by 477.9% during the 2nd quarter. Engineers Gate Manager LP now owns 297,809 shares of the company’s stock valued at $4,271,000 after acquiring an additional 246,278 shares during the period. Finally, Manatuck Hill Partners LLC purchased a new stake in shares of ProPetro during the second quarter worth $5,019,000. 84.70% of the stock is currently owned by institutional investors.

About ProPetro

ProPetro Holding Corp. is an oilfield services company that provides completion and production services to exploration and production companies developing unconventional oil and natural gas wells. The company primarily serves customers in the Permian Basin, including the Midland and Delaware basins of West Texas and southeastern New Mexico.

Its principal services include hydraulic fracturing, which uses high-pressure fluid to stimulate wells, as well as wireline services used for well evaluation, perforating and other completion activities.