ProPetro (NYSE:PUMP) Sets New 1-Year High – Here’s What Happened

Shares of ProPetro Holding Corp. (NYSE:PUMP) hit a new 52-week high during trading on Thursday . The company traded as high as $10.06 and last traded at $10.00, with a volume of 568323 shares trading hands. The stock had previously closed at $9.33.

Analyst Ratings Changes

PUMP has been the subject of a number of recent research reports. Barclays reduced their price objective on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. 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 research note on Friday, December 6th. Citigroup cut their target price on ProPetro from $8.50 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. Finally, Stifel Nicolaus decreased their price target on ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, ProPetro currently has a consensus rating of “Hold” and a consensus price target of $10.25.

ProPetro Stock Performance

The company has a 50-day moving average of $8.32 and a 200 day moving average of $8.23. The firm has a market capitalization of $1.02 billion, a PE ratio of -7.44 and a beta of 2.07. The company has a quick ratio of 1.14, a current ratio of 1.20 and a debt-to-equity ratio of 0.05.

Insider Transactions at ProPetro

In other ProPetro news, CFO David Scott Schorlemer purchased 4,500 shares of ProPetro stock in a transaction on Monday, November 4th. The shares were acquired at an average cost of $6.86 per share, for a total transaction of $30,870.00. Following the completion of the transaction, the chief financial officer now directly owns 112,992 shares of the company’s stock, valued at approximately $775,125.12. The trade was a 4.15 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On ProPetro

A number of institutional investors have recently made changes to their positions in PUMP. CWM LLC lifted its stake in ProPetro by 17.2% in the third quarter. CWM LLC now owns 8,624 shares of the company’s stock worth $66,000 after purchasing an additional 1,267 shares during the last quarter. GAMMA Investing LLC grew its position in shares of ProPetro by 84.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,221 shares of the company’s stock worth $25,000 after buying an additional 1,473 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of ProPetro by 1.8% during the second quarter. Victory Capital Management Inc. now owns 111,904 shares of the company’s stock valued at $970,000 after buying an additional 1,990 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of ProPetro by 6.4% during the second quarter. The Manufacturers Life Insurance Company now owns 37,392 shares of the company’s stock valued at $324,000 after acquiring an additional 2,257 shares in the last quarter. Finally, Federated Hermes Inc. lifted its stake in ProPetro by 8.9% in the second quarter. Federated Hermes Inc. now owns 29,912 shares of the company’s stock worth $259,000 after acquiring an additional 2,446 shares during the period. Hedge funds and other institutional investors own 84.70% of the company’s stock.

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.