Stifel Nicolaus Trims ProPetro (NYSE:PUMP) Target Price to $11.00

ProPetro (NYSE:PUMP) had its price objective lowered by Stifel Nicolaus from $12.00 to $11.00 in a research report released on Friday morning, Benzinga reports. The firm currently has a buy rating on the stock.

ProPetro Trading Up 1.5 %

NYSE:PUMP opened at $8.38 on Friday. The stock’s 50 day moving average price is $7.98 and its 200 day moving average price is $8.51. The company has a market capitalization of $872.86 million, a PE ratio of 27.93 and a beta of 2.02. The company has a quick ratio of 1.04, a current ratio of 1.11 and a debt-to-equity ratio of 0.05. ProPetro has a 52-week low of $6.74 and a 52-week high of $11.37.

ProPetro (NYSE:PUMP) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.11). The firm had revenue of $357.00 million for the quarter, compared to analysts’ expectations of $361.85 million. ProPetro had a return on equity of 3.39% and a net margin of 2.21%. The company’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.34 EPS. On average, research analysts anticipate that ProPetro will post 0.24 EPS for the current year.

Insider Buying and Selling

In related news, Director Michele Vion sold 5,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 34,006 shares in the company, valued at $280,889.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.88% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its stake in shares of ProPetro by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,095,253 shares of the company’s stock valued at $61,515,000 after purchasing an additional 54,555 shares during the last quarter. Pacer Advisors Inc. purchased a new position in shares of ProPetro in the 2nd quarter valued at approximately $31,741,000. American Century Companies Inc. lifted its holdings in shares of ProPetro by 21.3% in the 2nd quarter. American Century Companies Inc. now owns 2,515,579 shares of the company’s stock valued at $21,810,000 after buying an additional 441,644 shares during the period. Encompass Capital Advisors LLC lifted its holdings in shares of ProPetro by 2.4% in the 2nd quarter. Encompass Capital Advisors LLC now owns 1,526,485 shares of the company’s stock valued at $13,235,000 after buying an additional 36,339 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of ProPetro by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 780,498 shares of the company’s stock valued at $6,767,000 after buying an additional 14,144 shares during the period. 84.70% of the stock is currently owned by hedge funds and other institutional investors.

ProPetro Company Profile

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.