ProPetro (NYSE:PUMP) Earns Buy Rating from Analysts at Bank of America

Bank of America started coverage on shares of ProPetro (NYSE:PUMP) in a research note released on Monday morning, Marketbeat reports. The firm issued a buy rating and a $18.00 price objective on the stock.

Other equities analysts also recently issued research reports about the stock. Barclays lifted their price objective on shares of ProPetro from $11.00 to $12.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 25th. Piper Sandler lifted their target price on ProPetro from $16.00 to $17.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProPetro in a report on Monday, December 29th. Wolfe Research upgraded ProPetro to a “buy” rating and set a $13.00 price target on the stock in a research report on Wednesday, December 10th. Finally, JPMorgan Chase & Co. raised ProPetro from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $7.00 to $13.00 in a report on Wednesday, December 10th. Five investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, ProPetro presently has an average rating of “Hold” and a consensus price target of $13.57.

ProPetro Trading Down 6.1%

NYSE PUMP opened at $13.52 on Monday. The company has a market capitalization of $1.65 billion, a price-to-earnings ratio of 1,352.40 and a beta of 0.62. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.29 and a quick ratio of 1.24. ProPetro has a 12 month low of $4.51 and a 12 month high of $15.49. The company’s fifty day moving average price is $12.51 and its two-hundred day moving average price is $9.86.

ProPetro (NYSE:PUMP) last issued its earnings results on Wednesday, February 18th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.14. The business had revenue of $289.68 million for the quarter, compared to analyst estimates of $279.90 million. ProPetro had a net margin of 0.06% and a return on equity of 0.10%. The company’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.17) EPS. As a group, research analysts predict that ProPetro will post 0.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ProPetro

Hedge funds have recently made changes to their positions in the business. Sourcerock Group LLC grew its holdings in ProPetro by 66.4% in the 2nd quarter. Sourcerock Group LLC now owns 8,408,391 shares of the company’s stock worth $50,198,000 after buying an additional 3,355,848 shares in the last quarter. Philosophy Capital Management LLC raised its stake in ProPetro by 14.8% during the 3rd quarter. Philosophy Capital Management LLC now owns 4,047,280 shares of the company’s stock valued at $21,208,000 after acquiring an additional 520,327 shares in the last quarter. American Century Companies Inc. boosted its position in ProPetro by 5.4% during the 3rd quarter. American Century Companies Inc. now owns 3,748,788 shares of the company’s stock worth $19,644,000 after acquiring an additional 192,638 shares during the period. VR Advisory Services Ltd boosted its position in ProPetro by 213.2% during the 3rd 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 during the period. Finally, Valiant Capital Management L.P. bought a new position in shares of ProPetro in the fourth quarter worth $34,890,000. Institutional investors own 84.70% of the company’s stock.

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.