ProPetro (NYSE:PUMP) Shares Down 2.9%

ProPetro Holding Corp. (NYSE:PUMP) shares were down 2.9% on Thursday . The company traded as low as $7.61 and last traded at $7.65. Approximately 177,767 shares were traded during trading, a decline of 88% from the average daily volume of 1,498,243 shares. The stock had previously closed at $7.88.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus decreased their price target on shares of ProPetro from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, July 16th. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $12.00.

ProPetro Trading Down 7.0 %

The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.04 and a current ratio of 1.11. The stock has a market capitalization of $763.49 million, a P/E ratio of 11.76 and a beta of 2.02. The firm’s fifty day simple moving average is $8.13 and its 200 day simple moving average is $8.47.

ProPetro (NYSE:PUMP) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.11). ProPetro had a return on equity of 3.39% and a net margin of 2.21%. The business had revenue of $357.00 million for the quarter, compared to the consensus estimate of $361.85 million. During the same quarter in the prior year, the company earned $0.34 earnings per share. ProPetro’s quarterly revenue was down 17.9% compared to the same quarter last year. As a group, equities research analysts forecast that ProPetro Holding Corp. will post 0.24 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Michele Vion sold 5,000 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $8.26, for a total transaction of $41,300.00. Following the sale, the director now owns 34,006 shares of the company’s stock, valued at approximately $280,889.56. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On ProPetro

Hedge funds have recently added to or reduced their stakes in the business. Dana Investment Advisors Inc. acquired a new position in ProPetro in the 2nd quarter valued at approximately $6,439,000. Truist Financial Corp increased its holdings in ProPetro by 214.9% in the second quarter. Truist Financial Corp now owns 44,037 shares of the company’s stock valued at $382,000 after purchasing an additional 30,053 shares during the period. B. Riley Wealth Advisors Inc. bought a new position in ProPetro during the 2nd quarter worth $764,000. Quarry LP acquired a new position in ProPetro during the 2nd quarter worth about $40,000. Finally, Creative Planning lifted its holdings in ProPetro by 28.4% during the 2nd quarter. Creative Planning now owns 31,793 shares of the company’s stock worth $276,000 after buying an additional 7,025 shares during the period. 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.