ProPetro (NYSE:PUMP) Shares Gap Down to $8.82

ProPetro Holding Corp. (NYSE:PUMPGet Rating) gapped down before the market opened on Wednesday . The stock had previously closed at $8.82, but opened at $8.40. ProPetro shares last traded at $8.25, with a volume of 3,001 shares traded.

Analyst Upgrades and Downgrades

PUMP has been the subject of a number of analyst reports. Piper Sandler upped their price objective on ProPetro from $15.50 to $16.75 and gave the stock a “neutral” rating in a research note on Wednesday, June 1st. Citigroup upped their price objective on ProPetro to $19.00 in a research note on Friday, June 3rd. Evercore ISI decreased their price objective on ProPetro to $13.00 in a research note on Tuesday, August 9th. Finally, JPMorgan Chase & Co. cut ProPetro from an “overweight” rating to an “underweight” rating and decreased their price objective for the stock from $16.00 to $14.00 in a research note on Thursday, May 26th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, ProPetro presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.13.

ProPetro Stock Performance

The company has a 50-day moving average of $9.15 and a 200-day moving average of $11.82.

ProPetro (NYSE:PUMPGet Rating) last announced its earnings results on Tuesday, August 2nd. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.55). ProPetro had a negative net margin of 4.24% and a positive return on equity of 2.05%. During the same period last year, the business earned ($0.08) EPS. Equities analysts predict that ProPetro Holding Corp. will post 0.97 earnings per share for the current fiscal year.

Insider Activity at ProPetro

In related news, Director Spencer D. Armour III sold 32,931 shares of the company’s stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $8.99, for a total transaction of $296,049.69. Following the transaction, the director now directly owns 67,899 shares of the company’s stock, valued at approximately $610,412.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of ProPetro by 0.9% in the first quarter. Vanguard Group Inc. now owns 9,682,636 shares of the company’s stock valued at $134,880,000 after purchasing an additional 83,813 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of ProPetro by 16.6% in the first quarter. Dimensional Fund Advisors LP now owns 5,002,856 shares of the company’s stock valued at $69,691,000 after purchasing an additional 713,904 shares during the period. FMR LLC increased its holdings in shares of ProPetro by 69.1% in the second quarter. FMR LLC now owns 4,206,247 shares of the company’s stock valued at $42,062,000 after purchasing an additional 1,718,775 shares during the period. State Street Corp increased its holdings in shares of ProPetro by 0.4% in the second quarter. State Street Corp now owns 3,919,665 shares of the company’s stock valued at $39,197,000 after purchasing an additional 16,105 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of ProPetro by 5.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,292,484 shares of the company’s stock valued at $18,004,000 after purchasing an additional 61,060 shares during the period. 89.83% of the stock is owned by institutional investors and hedge funds.

About ProPetro

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ProPetro Holding Corp., an oilfield services company, provides hydraulic fracturing and other related services. The company operates through Pressure Pumping and All Other segments. It offers cementing, acidizing, and coiled tubing services. The company serves oil and gas companies engaged in the exploration and production of North American oil and natural gas resources.

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