ProPetro (NYSE:PUMP) Stock Price Expected to Rise, Citigroup Analyst Says

ProPetro (NYSE:PUMP) had its target price increased by analysts at Citigroup from $8.00 to $10.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price objective points to a potential downside of 0.20% from the stock’s current price.

PUMP has been the subject of several other research reports. Stifel Nicolaus dropped their price objective on ProPetro from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Friday, October 11th. JPMorgan Chase & Co. upgraded ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price target for the company in a research report on Friday, December 6th. Finally, Barclays cut their price objective on ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $10.75.

ProPetro Trading Up 0.4 %

Shares of PUMP opened at $10.02 on Tuesday. The business’s 50-day moving average price is $8.51 and its 200-day moving average price is $8.28. The company has a quick ratio of 1.14, a current ratio of 1.20 and a debt-to-equity ratio of 0.05. ProPetro has a twelve month low of $6.53 and a twelve month high of $10.17. The stock has a market cap of $1.03 billion, a PE ratio of -7.53 and a beta of 2.00.

Insider Activity

In related news, CFO David Scott Schorlemer bought 4,500 shares of the stock in a transaction dated Monday, November 4th. The stock was bought at an average price of $6.86 per share, with a total value of $30,870.00. Following the purchase, the chief financial officer now owns 112,992 shares in the company, valued at approximately $775,125.12. The trade was a 4.15 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 0.88% of the stock is owned by corporate insiders.

Institutional Trading of ProPetro

Institutional investors have recently made changes to their positions in the stock. Pacer Advisors Inc. bought a new stake in ProPetro during the 2nd quarter valued at $31,741,000. Dana Investment Advisors Inc. purchased a new position in shares of ProPetro in the second quarter valued at about $6,439,000. Point72 Asset Management L.P. bought a new position in shares of ProPetro during the third quarter valued at about $3,525,000. American Century Companies Inc. boosted its holdings in shares of ProPetro by 21.3% during the second quarter. American Century Companies Inc. now owns 2,515,579 shares of the company’s stock worth $21,810,000 after purchasing an additional 441,644 shares during the period. Finally, Weiss Asset Management LP bought a new stake in shares of ProPetro in the third quarter worth about $2,292,000. Hedge funds and other institutional investors own 84.70% of the company’s stock.

ProPetro Company Profile

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.