ProPetro (NYSE:PUMP) Shares Gap Down After Analyst Downgrade

ProPetro Holding Corp. (NYSE:PUMP) shares gapped down prior to trading on Tuesday after Barclays lowered their price target on the stock from $12.00 to $11.00. The stock had previously closed at $7.67, but opened at $7.26. Barclays currently has an overweight rating on the stock. ProPetro shares last traded at $7.24, with a volume of 491,455 shares trading hands.

Several other equities research analysts also recently issued reports on PUMP. Stifel Nicolaus raised their price target on ProPetro from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, February 21st. JPMorgan Chase & Co. upgraded shares of ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 target price for the company in a research note on Friday, December 6th. Benchmark reiterated a “hold” rating on shares of ProPetro in a research note on Thursday, February 20th. Finally, Citigroup raised their price objective on shares of ProPetro from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $10.75.

Institutional Investors Weigh In On ProPetro

Institutional investors have recently modified their holdings of the business. Smartleaf Asset Management LLC raised its stake in ProPetro by 205.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,983 shares of the company’s stock worth $28,000 after purchasing an additional 2,005 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of ProPetro by 38.0% during the fourth quarter. GAMMA Investing LLC now owns 4,446 shares of the company’s stock worth $41,000 after purchasing an additional 1,225 shares during the period. KBC Group NV raised its position in shares of ProPetro by 90.5% in the fourth quarter. KBC Group NV now owns 8,045 shares of the company’s stock valued at $75,000 after buying an additional 3,821 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of ProPetro in the third quarter valued at approximately $77,000. Finally, Raymond James Financial Inc. acquired a new stake in ProPetro during the fourth quarter worth approximately $94,000. Institutional investors own 84.70% of the company’s stock.

ProPetro Stock Performance

The stock has a market cap of $767.06 million, a P/E ratio of -5.55 and a beta of 1.98. The company has a current ratio of 1.31, a quick ratio of 1.14 and a debt-to-equity ratio of 0.06. The stock has a 50 day simple moving average of $9.40 and a 200 day simple moving average of $8.53.

About ProPetro

ProPetro Holding Corp. operates as an integrated oilfield services company. The company provides hydraulic fracturing, wireline, cementing, and other complementary oilfield completion services to upstream oil and gas companies in the Permian Basin. ProPetro Holding Corp. was founded in 2007 and is headquartered in Midland, Texas.