Freedom Broker Upgrades ProPetro (NYSE:PUMP) to Strong-Buy

ProPetro (NYSE:PUMP) was upgraded by analysts at Freedom Broker from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Thursday, Zacks reports.

A number of other equities research analysts have also commented on PUMP. Stifel Nicolaus lowered their price target on ProPetro from $23.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. Piper Sandler cut their price objective on shares of ProPetro from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Thursday, August 27th. Weiss Ratings downgraded shares of ProPetro from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, September 29th. Morgan Stanley reduced their target price on shares of ProPetro from $13.00 to $12.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 14th. Finally, Barclays reduced their target price on shares of ProPetro from $17.00 to $15.00 and set an “overweight” rating for the company in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $15.25.

ProPetro Stock Down 1.8%

Shares of ProPetro stock opened at $7.72 on Thursday. ProPetro has a 52 week low of $7.01 and a 52 week high of $18.50. The company has a debt-to-equity ratio of 0.83, a current ratio of 3.49 and a quick ratio of 4.00. The business has a 50 day moving average price of $9.59 and a 200-day moving average price of $12.53.

ProPetro (NYSE:PUMP) last announced its earnings results on Wednesday, October 28th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.10. The company had revenue of $355.38 million for the quarter, compared to analysts’ expectations of $320.44 million. ProPetro had a return on equity of 0.21% and a net margin of 0.16%. ProPetro’s quarterly revenue was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.02) earnings per share. Equities research analysts predict that ProPetro will post -0.10 earnings per share for the current year.

Insider Activity at ProPetro

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

Institutional Trading of ProPetro

A number of hedge funds have recently bought and sold shares of the business. Arlington Capital Management INC raised its position in ProPetro by 1.5% in the third quarter. Arlington Capital Management INC now owns 271,044 shares of the company’s stock worth $2,396,000 after acquiring an additional 3,986 shares during the period. ProShare Advisors LLC boosted its stake in ProPetro by 18.8% in the third quarter. ProShare Advisors LLC now owns 15,571 shares of the company’s stock valued at $138,000 after acquiring an additional 2,459 shares during the last quarter. Sterling Capital Management LLC boosted its stake in ProPetro by 1,062.2% in the third quarter. Sterling Capital Management LLC now owns 4,091 shares of the company’s stock valued at $36,000 after acquiring an additional 3,739 shares during the last quarter. Inspire Investing LLC boosted its stake in ProPetro by 53.0% in the third quarter. Inspire Investing LLC now owns 72,075 shares of the company’s stock valued at $637,000 after acquiring an additional 24,968 shares during the last quarter. Finally, Pension & Wealth Management Advisors Inc. grew its position in shares of ProPetro by 96.5% during the 3rd quarter. Pension & Wealth Management Advisors Inc. now owns 16,621 shares of the company’s stock valued at $147,000 after acquiring an additional 8,161 shares during the period. 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 oil and natural gas exploration and production companies. Its primary offerings include hydraulic fracturing, well stimulation and wireline services used to prepare newly drilled wells for production and support ongoing well operations.

The company operates primarily in the Permian Basin, serving customers in the West Texas and southeastern New Mexico region. ProPetro’s services are focused on unconventional shale and tight-rock wells, where specialized pumping, pressure-control and downhole technologies are used to improve hydrocarbon recovery.

ProPetro was founded in 2007 and is headquartered in Midland, Texas.