Zacks Research Brokers Boost Earnings Estimates for ProPetro

ProPetro Holding Corp. (NYSE:PUMP) – Stock analysts at Zacks Research boosted their FY2024 earnings per share (EPS) estimates for shares of ProPetro in a note issued to investors on Monday, December 9th. Zacks Research analyst N. Choudhury now forecasts that the company will earn $0.27 per share for the year, up from their previous forecast of $0.26. The consensus estimate for ProPetro’s current full-year earnings is $0.28 per share. Zacks Research also issued estimates for ProPetro’s Q4 2024 earnings at $0.00 EPS, Q3 2025 earnings at $0.11 EPS, Q1 2026 earnings at $0.16 EPS and FY2026 earnings at $0.49 EPS.

A number of other research analysts also recently issued reports on the company. Citigroup dropped their price target on ProPetro from $8.50 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Barclays reduced their price objective on ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. JPMorgan Chase & Co. raised ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price target for the company in a research report on Friday, December 6th. Finally, Stifel Nicolaus dropped their price target on ProPetro from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $10.25.

ProPetro Price Performance

PUMP stock opened at $9.42 on Wednesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.20 and a quick ratio of 1.14. The firm has a market capitalization of $969.60 million, a P/E ratio of -7.08 and a beta of 2.07. The business’s 50-day moving average is $8.05 and its two-hundred day moving average is $8.25. ProPetro has a 1 year low of $6.53 and a 1 year high of $10.02.

Insiders Place Their Bets

In other news, CFO David Scott Schorlemer bought 4,500 shares of the stock in a transaction dated Monday, November 4th. The shares were bought at an average price of $6.86 per share, for a total transaction of $30,870.00. Following the completion of the purchase, the chief financial officer now owns 112,992 shares in the company, valued at approximately $775,125.12. This trade represents a 4.15 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On ProPetro

Several hedge funds have recently modified their holdings of PUMP. Pacer Advisors Inc. boosted its stake in shares of ProPetro by 95.4% in the 3rd quarter. Pacer Advisors Inc. now owns 7,152,687 shares of the company’s stock worth $54,790,000 after buying an additional 3,491,723 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in ProPetro by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,095,253 shares of the company’s stock valued at $61,515,000 after buying an additional 54,555 shares during the period. American Century Companies Inc. boosted its holdings in shares of ProPetro by 21.3% during the second quarter. American Century Companies Inc. now owns 2,515,579 shares of the company’s stock worth $21,810,000 after purchasing an additional 441,644 shares during the period. Encompass Capital Advisors LLC boosted its holdings in shares of ProPetro by 2.4% during the second quarter. Encompass Capital Advisors LLC now owns 1,526,485 shares of the company’s stock worth $13,235,000 after purchasing an additional 36,339 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC raised its stake in ProPetro by 2.7% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 1,088,880 shares of the company’s stock worth $8,341,000 after buying an additional 28,660 shares in the last quarter. Institutional investors and hedge funds own 84.70% of the company’s stock.

About ProPetro

ProPetro Holding Corp. operates as an integrated oilfield services company. The company provides hydraulic fracturing, wireline, cementing, and other complementary oilfield completion services to upstream oil and gas companies in the Permian Basin. ProPetro Holding Corp. was founded in 2007 and is headquartered in Midland, Texas.