ProPetro (NYSE:PUMP) Hits New 12-Month High Following Analyst Upgrade

ProPetro Holding Corp. (NYSE:PUMP)’s share price hit a new 52-week high during trading on Wednesday after Citigroup raised their price target on the stock from $8.00 to $10.00. Citigroup currently has a neutral rating on the stock. ProPetro traded as high as $10.17 and last traded at $9.98, with a volume of 1422210 shares trading hands. The stock had previously closed at $9.81.

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

Insider Activity at ProPetro

In related news, CFO David Scott Schorlemer purchased 4,500 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were 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 $775,125.12. The trade was a 4.15 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.88% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its position in ProPetro by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 780,498 shares of the company’s stock worth $6,767,000 after purchasing an additional 14,144 shares during the period. Victory Capital Management Inc. grew its holdings in shares of ProPetro by 1.8% in the second quarter. Victory Capital Management Inc. now owns 111,904 shares of the company’s stock worth $970,000 after acquiring an additional 1,990 shares during the period. Arizona State Retirement System increased its position in ProPetro by 12.6% during the second quarter. Arizona State Retirement System now owns 25,596 shares of the company’s stock valued at $222,000 after acquiring an additional 2,874 shares during the last quarter. LSV Asset Management lifted its holdings in ProPetro by 28.2% in the second quarter. LSV Asset Management now owns 59,500 shares of the company’s stock valued at $516,000 after acquiring an additional 13,100 shares during the period. Finally, Quest Partners LLC boosted its position in ProPetro by 519.5% in the second quarter. Quest Partners LLC now owns 36,658 shares of the company’s stock worth $318,000 after purchasing an additional 30,741 shares during the last quarter. Institutional investors own 84.70% of the company’s stock.

ProPetro Trading Up 0.4 %

The firm has a market capitalization of $1.03 billion, a P/E ratio of -7.53 and a beta of 2.00. The company has a current ratio of 1.20, a quick ratio of 1.14 and a debt-to-equity ratio of 0.05. The stock has a 50 day simple moving average of $8.51 and a 200-day simple moving average of $8.28.

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.