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

ProPetro Holding Corp. (NYSE:PUMP)’s share price gapped down before the market opened on Monday . The stock had previously closed at $11.80, but opened at $11.35. ProPetro shares last traded at $11.52, with a volume of 449,456 shares.

Wall Street Analysts Forecast Growth

PUMP has been the subject of several analyst reports. Stifel Nicolaus set a $23.00 target price on shares of ProPetro in a research note on Thursday, July 2nd. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $16.00 price target on shares of ProPetro in a research report on Wednesday, June 3rd. Barclays upgraded shares of ProPetro from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $14.00 to $23.00 in a research note on Thursday, May 7th. Weiss Ratings downgraded shares of ProPetro from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Monday, May 4th. Finally, Piper Sandler boosted their price objective on shares of ProPetro from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.25.

ProPetro Stock Performance

The company has a market cap of $1.31 billion, a P/E ratio of -97.30 and a beta of 0.72. The company has a quick ratio of 1.57, a current ratio of 1.64 and a debt-to-equity ratio of 0.08. The stock has a 50 day moving average price of $14.28 and a two-hundred day moving average price of $13.66.

ProPetro (NYSE:PUMP) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $277.49 million. During the same period in the previous year, the company posted $0.09 EPS. The firm’s quarterly revenue was down 24.6% on a year-over-year basis. On average, research analysts predict that ProPetro Holding Corp. will post -0.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ProPetro

A number of institutional investors have recently modified their holdings of the business. Y Intercept Hong Kong Ltd acquired a new stake in ProPetro in the 1st quarter worth about $2,045,000. Tudor Investment Corp ET AL acquired a new position in shares of ProPetro during the 3rd quarter worth approximately $2,280,000. Jefferies Financial Group Inc. acquired a new position in shares of ProPetro during the 4th quarter worth approximately $3,085,000. First Eagle Investment Management LLC increased its holdings in shares of ProPetro by 7.5% during the fourth quarter. First Eagle Investment Management LLC now owns 487,333 shares of the company’s stock worth $4,635,000 after purchasing an additional 34,000 shares during the period. Finally, SIR Capital Management L.P. increased its holdings in shares of ProPetro by 1,374.3% during the fourth quarter. SIR Capital Management L.P. now owns 1,346,074 shares of the company’s stock worth $12,801,000 after purchasing an additional 1,254,774 shares during the period. Institutional investors own 84.70% of the company’s stock.

About ProPetro

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.