ProPetro (NYSE:PUMP) Shares Gap Down – Here’s What Happened

ProPetro Holding Corp. (NYSE:PUMP)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $17.89, but opened at $17.23. ProPetro shares last traded at $17.22, with a volume of 2,922,000 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PUMP shares. Citigroup raised their price target on shares of ProPetro from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. The Goldman Sachs Group started coverage on shares of ProPetro in a research report on Friday, April 10th. They set a “neutral” rating and a $15.00 price target for the company. Bank of America started coverage on shares of ProPetro in a research report on Monday, March 30th. They set a “buy” rating and a $18.00 price target for the company. Piper Sandler raised their price target on shares of ProPetro from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Weiss Ratings downgraded shares of ProPetro from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Monday, May 4th. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.50.

ProPetro Trading Down 3.6%

The stock has a 50-day simple moving average of $15.09 and a two-hundred day simple moving average of $12.13. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.57 and a current ratio of 1.64. The firm has a market cap of $2.11 billion, a PE ratio of -156.45 and a beta of 0.75.

ProPetro (NYSE:PUMP) last issued its earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.09. ProPetro had a negative return on equity of 1.43% and a negative net margin of 1.05%.The business had revenue of $270.69 million during the quarter, compared to analyst estimates of $277.49 million. During the same quarter in the previous year, the firm earned $0.09 EPS. ProPetro’s revenue was down 24.6% on a year-over-year basis. As a group, sell-side analysts anticipate that ProPetro Holding Corp. will post -0.08 EPS for the current year.

Hedge Funds Weigh In On ProPetro

Several hedge funds and other institutional investors have recently modified their holdings of PUMP. Aster Capital Management DIFC Ltd bought a new position in shares of ProPetro during the 4th quarter valued at $56,000. Trek Financial LLC bought a new position in shares of ProPetro during the 3rd quarter valued at $57,000. Dark Forest Capital Management LP bought a new position in shares of ProPetro during the 3rd quarter valued at $57,000. MQS Management LLC bought a new position in shares of ProPetro during the 3rd quarter valued at $58,000. Finally, Raymond James Financial Inc. bought a new position in shares of ProPetro during the 2nd quarter valued at $60,000. 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.