ProPetro (NYSE:PUMP) Shares Gap Up After Better-Than-Expected Earnings

ProPetro Holding Corp. (NYSE:PUMP) gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $7.56, but opened at $8.27. ProPetro shares last traded at $7.7220, with a volume of 1,108,219 shares.

The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.10. During the same period last year, the firm earned ($0.02) EPS. The company’s quarterly revenue was up 20.9% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Barclays decreased their price target on ProPetro from $18.00 to $17.00 and set an “overweight” rating for the company in a research note on Thursday, October 15th. Citigroup dropped their price objective on ProPetro from $16.00 to $14.50 and set a “buy” rating on the stock in a research note on Friday, October 2nd. Weiss Ratings lowered ProPetro from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, September 29th. Piper Sandler decreased their target price on ProPetro from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Thursday, August 27th. Finally, Scotiabank began coverage on ProPetro in a research note on Tuesday, September 29th. They set a “sector perform” rating and a $12.00 target price for the company. Eight research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $15.05.

Insider Activity at ProPetro

In other news, COO Adam Muñoz sold 70,696 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $11.17, for a total value of $789,674.32. Following the completion of the sale, the chief operating officer owned 148,691 shares in the company, valued at $1,660,878.47. This represents a 32.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director G Lawrence sold 35,831 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $11.16, for a total value of $399,873.96. Following the completion of the sale, the director directly owned 28,181 shares of the company’s stock, valued at approximately $314,499.96. This represents a 55.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.55% of the company’s stock.

Institutional Investors Weigh In On ProPetro

Several institutional investors and hedge funds have recently modified their holdings of PUMP. Sterling Capital Management LLC lifted its holdings in ProPetro by 1,062.2% in the 3rd quarter. Sterling Capital Management LLC now owns 4,091 shares of the company’s stock worth $36,000 after purchasing an additional 3,739 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in ProPetro by 44.6% during the third quarter. State of Alaska Department of Revenue now owns 5,359 shares of the company’s stock valued at $47,000 after purchasing an additional 1,653 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in ProPetro during the second quarter valued at approximately $74,000. State of Wyoming acquired a new position in ProPetro during the first quarter valued at approximately $83,000. Finally, Pension & Wealth Management Advisors Inc. raised its position in shares of ProPetro by 96.5% in the third quarter. Pension & Wealth Management Advisors Inc. now owns 16,621 shares of the company’s stock valued at $147,000 after purchasing an additional 8,161 shares during the period. Institutional investors and hedge funds own 84.70% of the company’s stock.

ProPetro Stock Up 2.7%

The company has a market cap of $953.61 million, a P/E ratio of -70.54 and a beta of 0.86. The stock’s 50-day moving average price is $9.83 and its 200 day moving average price is $12.55.

ProPetro Company Profile

ProPetro Holding Corp. is an oilfield services company that provides completion and production services to oil and natural gas exploration and production companies. Its primary offerings include hydraulic fracturing, well stimulation and wireline services used to prepare newly drilled wells for production and support ongoing well operations.

The company operates primarily in the Permian Basin, serving customers in the West Texas and southeastern New Mexico region. ProPetro’s services are focused on unconventional shale and tight-rock wells, where specialized pumping, pressure-control and downhole technologies are used to improve hydrocarbon recovery.

ProPetro was founded in 2007 and is headquartered in Midland, Texas.