Citigroup Cuts ProPetro (NYSE:PUMP) Price Target to $16.00

ProPetro (NYSE:PUMP) had its target price decreased by Citigroup from $20.00 to $16.00 in a research report sent to investors on Monday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other equities analysts also recently commented on the company. The Goldman Sachs Group reiterated a “neutral” rating and issued a $16.00 price objective on shares of ProPetro in a research note on Wednesday, June 3rd. Stifel Nicolaus lowered their target price on ProPetro from $23.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday. Piper Sandler dropped their price target on ProPetro from $20.00 to $18.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. Odeon Capital Group started coverage on ProPetro in a research note on Thursday, May 28th. They set a “buy” rating for the company. Finally, Barclays upgraded ProPetro from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $14.00 to $23.00 in a research note on Thursday, May 7th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $16.50.

ProPetro Stock Performance

NYSE PUMP opened at $11.03 on Monday. ProPetro has a 52-week low of $4.51 and a 52-week high of $18.50. The company has a 50-day simple moving average of $13.58 and a 200 day simple moving average of $13.71. The company has a debt-to-equity ratio of 0.80, a quick ratio of 4.00 and a current ratio of 4.09. The company has a market capitalization of $1.36 billion, a PE ratio of -100.30 and a beta of 0.77.

ProPetro (NYSE:PUMP) last released its earnings results on Wednesday, July 29th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). ProPetro had a negative net margin of 1.15% and a negative return on equity of 1.49%. The company had revenue of $305.81 million during the quarter, compared to analysts’ expectations of $304.48 million. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. The firm’s revenue was down 6.3% compared to the same quarter last year. On average, research analysts predict that ProPetro will post -0.06 EPS for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On ProPetro

A number of hedge funds have recently modified their holdings of PUMP. Aster Capital Management DIFC Ltd bought a new position in ProPetro in the fourth quarter worth $56,000. Dark Forest Capital Management LP purchased a new position in shares of ProPetro in the 3rd quarter worth about $57,000. Raymond James Financial Inc. purchased a new position in shares of ProPetro in the 2nd quarter worth about $60,000. Tower Research Capital LLC TRC boosted its stake in ProPetro by 70.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,789 shares of the company’s stock worth $64,000 after purchasing an additional 4,461 shares in the last quarter. Finally, State of Wyoming purchased a new stake in ProPetro during the 1st quarter valued at about $83,000. Hedge funds and other institutional investors own 84.70% of the company’s stock.

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.