ProPetro (NYSE:PUMP) Shares Gap Up – Here’s What Happened

ProPetro Holding Corp. (NYSE:PUMP)’s share price gapped up prior to trading on Monday . The stock had previously closed at $9.82, but opened at $10.51. ProPetro shares last traded at $9.8360, with a volume of 269,051 shares traded.

Analyst Ratings Changes

Several equities research analysts recently commented on PUMP shares. Piper Sandler raised shares of ProPetro from a “neutral” rating to an “overweight” rating and set a $16.00 price objective on the stock in a research note on Monday, November 3rd. Wolfe Research upgraded shares of ProPetro to a “buy” rating and set a $13.00 target price for the company in a report on Wednesday, December 10th. Weiss Ratings restated a “sell (d-)” rating on shares of ProPetro in a research note on Monday, December 29th. Citigroup raised their price objective on ProPetro from $6.00 to $12.00 and gave the company a “neutral” rating in a research report on Friday, October 31st. Finally, Zacks Research upgraded ProPetro from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 23rd. Four analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $12.50.

ProPetro Stock Down 1.5%

The stock has a market cap of $967.12 million, a price-to-earnings ratio of -54.71 and a beta of 0.75. The business’s 50 day moving average is $9.99 and its 200-day moving average is $7.05. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.19 and a current ratio of 1.26.

ProPetro (NYSE:PUMP) last posted its quarterly earnings data on Wednesday, October 29th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. ProPetro had a negative net margin of 1.31% and a negative return on equity of 0.06%. The company had revenue of $293.92 million during the quarter, compared to analysts’ expectations of $266.25 million. During the same period in the prior year, the business posted ($1.32) earnings per share. The firm’s revenue for the quarter was down 18.6% on a year-over-year basis. On average, sell-side analysts predict that ProPetro Holding Corp. will post 0.25 EPS for the current fiscal year.

Insider Transactions at ProPetro

In other news, Director Michele Vion sold 6,916 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $10.64, for a total value of $73,586.24. Following the transaction, the director owned 45,029 shares in the company, valued at $479,108.56. This trade represents a 13.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director G Larry Lawrence sold 27,000 shares of ProPetro stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $10.84, for a total value of $292,680.00. Following the completion of the sale, the director directly owned 35,831 shares in the company, valued at $388,408.04. This represents a 42.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On ProPetro

Large investors have recently made changes to their positions in the stock. Sourcerock Group LLC boosted its position in shares of ProPetro by 66.4% during the 2nd quarter. Sourcerock Group LLC now owns 8,408,391 shares of the company’s stock valued at $50,198,000 after acquiring an additional 3,355,848 shares during the last quarter. VR Advisory Services Ltd increased its position in ProPetro by 213.2% during the third quarter. VR Advisory Services Ltd now owns 3,679,359 shares of the company’s stock worth $19,280,000 after purchasing an additional 2,504,634 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in ProPetro by 209.5% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,704,145 shares of the company’s stock worth $14,170,000 after purchasing an additional 1,830,399 shares during the period. Millennium Management LLC raised its stake in ProPetro by 382.7% during the third quarter. Millennium Management LLC now owns 2,215,896 shares of the company’s stock worth $11,611,000 after purchasing an additional 1,756,812 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in ProPetro by 103.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,648,055 shares of the company’s stock valued at $8,636,000 after purchasing an additional 837,776 shares during the last quarter. 84.70% of the stock is currently owned by hedge funds and other institutional investors.

ProPetro Company Profile

ProPetro Holding Corp is a publicly traded oilfield services company that specializes in hydraulic fracturing and well completion solutions for exploration and production operators. Headquartered in Midland, Texas, the company delivers a comprehensive suite of pressure pumping services designed to optimize reservoir stimulation and enhance hydrocarbon recovery. Its integrated approach encompasses well design, proppant selection, fluid systems and pressure management to support clients’ development targets across unconventional plays.

The company’s core offerings include high-pressure fracturing, coiled tubing, cementing, acidizing and flowback services, all supported by in-house logistics and digital monitoring tools.