ProPetro (NYSE:PUMP) Reaches New 52-Week High After Analyst Upgrade

ProPetro Holding Corp. (NYSE:PUMP) shares 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.

Several other research analysts 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 report on Friday, October 11th. Barclays lowered their price target on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. upgraded shares of ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price target for the company in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $10.75.

Insider Activity at ProPetro

In related news, CFO David Scott Schorlemer acquired 4,500 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was acquired at an average cost of $6.86 per share, for a total transaction of $30,870.00. Following the completion of the acquisition, the chief financial officer now directly owns 112,992 shares of the company’s stock, valued at approximately $775,125.12. This trade represents a 4.15 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 0.88% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Barclays PLC grew its holdings in ProPetro by 109.2% in the third quarter. Barclays PLC now owns 242,057 shares of the company’s stock worth $1,855,000 after purchasing an additional 126,346 shares during the period. B. Riley Wealth Advisors Inc. increased its position in ProPetro by 209.2% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 272,374 shares of the company’s stock valued at $2,115,000 after buying an additional 184,273 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in ProPetro during the 3rd quarter worth approximately $3,525,000. Pacer Advisors Inc. boosted its holdings in ProPetro by 95.4% in the third quarter. Pacer Advisors Inc. now owns 7,152,687 shares of the company’s stock worth $54,790,000 after acquiring an additional 3,491,723 shares in the last quarter. Finally, Exchange Traded Concepts LLC acquired a new stake in ProPetro in the third quarter valued at approximately $1,013,000. 84.70% of the stock is owned by institutional investors and hedge funds.

ProPetro Stock Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 1.20 and a quick ratio of 1.14. The company has a fifty day moving average price of $8.56 and a 200 day moving average price of $8.29. The stock has a market cap of $1.03 billion, a P/E ratio of -7.53 and a beta of 2.00.

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.