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

ProPetro Holding Corp. (NYSE:PUMP) 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.

PUMP has been the subject of a number of other research reports. Citigroup lifted their price target on ProPetro from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. Benchmark reissued a “hold” rating on shares of ProPetro in a research note on Thursday, February 20th. 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 report on Friday, December 6th. Finally, Stifel Nicolaus boosted their target price on ProPetro from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $10.75.

Institutional Investors Weigh In On ProPetro

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Smartleaf Asset Management LLC grew its position in shares of ProPetro by 205.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,983 shares of the company’s stock worth $28,000 after acquiring an additional 2,005 shares during the last quarter. GAMMA Investing LLC increased its stake in ProPetro by 38.0% in the fourth quarter. GAMMA Investing LLC now owns 4,446 shares of the company’s stock valued at $41,000 after purchasing an additional 1,225 shares during the period. KBC Group NV raised its holdings 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 during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of ProPetro during the third quarter worth about $77,000. Finally, Raymond James Financial Inc. acquired a new position in ProPetro in the 4th quarter valued at about $94,000. 84.70% of the stock is currently owned by institutional investors and hedge funds.

ProPetro Trading Down 6.3 %

The company has a 50 day simple moving average of $9.43 and a 200 day simple moving average of $8.53. The stock has a market capitalization of $741.17 million, a PE ratio of -5.41 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.

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.