Insider Buying: ProPetro (NYSE:PUMP) CFO Acquires $15,560.00 in Stock

ProPetro Holding Corp. (NYSE:PUMP) CFO Caleb Lyle Weatherl bought 2,000 shares of the firm’s stock in a transaction on Friday, October 30th. The shares were purchased at an average cost of $7.78 per share, with a total value of $15,560.00. Following the transaction, the chief financial officer directly owned 29,338 shares in the company, valued at approximately $228,249.64. This trade represents a 7.32% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

ProPetro Price Performance

NYSE:PUMP opened at $6.40 on Thursday. The firm’s fifty day moving average is $9.34 and its 200-day moving average is $12.48. 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 Holding Corp. has a 52 week low of $6.31 and a 52 week high of $18.50.

ProPetro (NYSE:PUMP) last released its earnings results on Wednesday, October 28th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.10. The business had revenue of $355.38 million for the quarter, compared to analyst estimates of $320.44 million. ProPetro had a net margin of 0.16% and a return on equity of 0.21%. ProPetro’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.02) earnings per share. On average, equities analysts forecast that ProPetro Holding Corp. will post -0.08 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Weiss Ratings upgraded ProPetro from a “sell (e+)” rating to a “sell (d+)” rating in a report on Monday. Wall Street Zen upgraded shares of ProPetro from a “sell” rating to a “hold” rating in a research note on Saturday, October 31st. Freedom Broker upgraded shares of ProPetro from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 29th. Morgan Stanley lowered their target price on shares of ProPetro from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 14th. Finally, Citigroup decreased their price objective on ProPetro from $14.50 to $12.00 and set a “buy” rating for the company in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, ProPetro currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.

Institutional Investors Weigh In On ProPetro

Several large investors have recently made changes to their positions in the business. Parallel Advisors LLC grew its holdings in ProPetro by 422.0% during the 3rd quarter. Parallel Advisors LLC now owns 2,876 shares of the company’s stock valued at $25,000 after buying an additional 2,325 shares in the last quarter. Sterling Capital Management LLC increased its holdings in ProPetro by 1,062.2% during the 3rd quarter. Sterling Capital Management LLC now owns 4,091 shares of the company’s stock worth $36,000 after acquiring an additional 3,739 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in ProPetro in the 2nd quarter worth approximately $74,000. State of Alaska Department of Revenue grew its position in shares of ProPetro by 44.6% during the 3rd 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 in the last quarter. Finally, State of Wyoming purchased a new position in shares of ProPetro during the 1st quarter valued at $83,000. 84.70% of the stock is owned by hedge funds and other institutional investors.

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.