Citigroup Has Lowered Expectations for ProPetro (NYSE:PUMP) Stock Price

ProPetro (NYSE:PUMP) had its price target cut by investment analysts at Citigroup from $14.50 to $12.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup‘s price target would suggest a potential upside of 87.47% from the company’s current price.

Other analysts have also recently issued reports about the company. Wall Street Zen raised ProPetro from a “sell” rating to a “hold” rating in a report on Saturday. Morgan Stanley decreased their price objective on ProPetro from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 14th. Barclays lowered their price objective on ProPetro from $17.00 to $15.00 and set an “overweight” rating on the stock in a research report on Friday, October 30th. Scotiabank lifted their target price on ProPetro from $12.00 to $16.00 and gave the stock a “sector perform” rating in a report on Friday, October 30th. Finally, Piper Sandler reduced their target price on shares of ProPetro from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, ProPetro presently has an average rating of “Moderate Buy” and an average price target of $15.00.

ProPetro Price Performance

PUMP traded down $0.78 on Wednesday, reaching $6.40. The company had a trading volume of 7,577,872 shares, compared to its average volume of 4,071,869. The company has a quick ratio of 3.41, a current ratio of 3.49 and a debt-to-equity ratio of 0.83. ProPetro has a fifty-two week low of $6.31 and a fifty-two week high of $18.50. The company’s fifty day moving average is $9.43 and its 200 day moving average is $12.50.

ProPetro (NYSE:PUMP) last issued its quarterly earnings data on Wednesday, October 28th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.10. ProPetro had a return on equity of 0.21% and a net margin of 0.16%. The company had revenue of $355.38 million during the quarter, compared to analysts’ expectations of $320.44 million. During the same quarter in the previous year, the company posted ($0.02) earnings per share. The business’s revenue was up 20.9% on a year-over-year basis. On average, analysts forecast that ProPetro will post -0.09 earnings per share for the current year.

Institutional Trading of ProPetro

Several large investors have recently modified their holdings of the stock. Pictet Asset Management Holding SA increased its stake in shares of ProPetro by 54.2% in the 3rd quarter. Pictet Asset Management Holding SA now owns 21,869 shares of the company’s stock valued at $193,000 after purchasing an additional 7,685 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of ProPetro by 422.0% during the 3rd quarter. Parallel Advisors LLC now owns 2,876 shares of the company’s stock worth $25,000 after buying an additional 2,325 shares during the last quarter. Kestra Advisory Services LLC lifted its position in shares of ProPetro by 33.0% during the 3rd quarter. Kestra Advisory Services LLC now owns 35,500 shares of the company’s stock worth $314,000 after buying an additional 8,800 shares during the last quarter. Arlington Capital Management INC lifted its position in shares of ProPetro by 1.5% during the 3rd quarter. Arlington Capital Management INC now owns 271,044 shares of the company’s stock worth $2,396,000 after buying an additional 3,986 shares during the last quarter. Finally, ProShare Advisors LLC boosted its stake in ProPetro by 18.8% in the third quarter. ProShare Advisors LLC now owns 15,571 shares of the company’s stock valued at $138,000 after buying an additional 2,459 shares in the last quarter. 84.70% of the stock is owned by institutional investors and hedge funds.

About ProPetro

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.