Citigroup Increases ProPetro (NYSE:PUMP) Price Target to $10.00

ProPetro (NYSE:PUMP) had its target price boosted by Citigroup from $8.00 to $10.00 in a report published on Tuesday,Benzinga reports. They currently have a neutral rating on the stock.

PUMP has been the topic of a number of other research reports. JPMorgan Chase & Co. upgraded ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price objective on the stock in a report on Friday, December 6th. Barclays dropped their price target on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Finally, Stifel Nicolaus reduced their price objective on shares of ProPetro from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $10.75.

ProPetro Stock Performance

PUMP stock opened at $9.98 on Tuesday. The stock has a market cap of $1.03 billion, a P/E ratio of -7.50 and a beta of 2.00. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.14 and a current ratio of 1.20. The firm has a 50 day simple moving average of $8.51 and a 200 day simple moving average of $8.28. ProPetro has a 52 week low of $6.53 and a 52 week high of $10.17.

Insider Activity

In other news, CFO David Scott Schorlemer purchased 4,500 shares of the business’s stock in a transaction on Monday, November 4th. The stock was purchased at an average price of $6.86 per share, with a total value of $30,870.00. Following the acquisition, the chief financial officer now directly owns 112,992 shares in the company, valued at approximately $775,125.12. The trade was a 4.15 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 0.88% of the stock is owned by company insiders.

Institutional Trading of ProPetro

Several institutional investors have recently made changes to their positions in PUMP. Pacer Advisors Inc. raised its holdings 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 in the last quarter. Dimensional Fund Advisors LP grew its position in ProPetro by 0.8% in the second quarter. Dimensional Fund Advisors LP now owns 7,095,253 shares of the company’s stock valued at $61,515,000 after acquiring an additional 54,555 shares during the period. American Century Companies Inc. raised its stake in 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 acquiring an additional 441,644 shares in the last quarter. Encompass Capital Advisors LLC lifted 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 valued at $13,235,000 after acquiring an additional 36,339 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC boosted its stake in shares of ProPetro by 2.7% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,088,880 shares of the company’s stock valued at $8,341,000 after purchasing an additional 28,660 shares in the last quarter. 84.70% of the stock is currently owned by institutional investors and hedge funds.

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.