FY2024 EPS Estimates for ProPetro Reduced by Zacks Research

ProPetro Holding Corp. (NYSE:PUMP) – Investment analysts at Zacks Research lowered their FY2024 earnings estimates for shares of ProPetro in a research note issued on Wednesday, December 11th. Zacks Research analyst N. Choudhury now anticipates that the company will post earnings of ($1.17) per share for the year, down from their prior estimate of $0.27. The consensus estimate for ProPetro’s current full-year earnings is ($0.45) per share.

PUMP has been the topic of several other reports. Stifel Nicolaus reduced their price objective on ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. Citigroup reduced their price target on shares of ProPetro from $8.50 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st. JPMorgan Chase & Co. upgraded shares of ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price objective for the company in a report on Friday, December 6th. Finally, Barclays reduced their target price on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, ProPetro presently has a consensus rating of “Hold” and an average price target of $10.25.

ProPetro Stock Down 0.1 %

PUMP opened at $9.11 on Monday. The business’s fifty day simple moving average is $8.06 and its 200 day simple moving average is $8.22. ProPetro has a 52 week low of $6.53 and a 52 week high of $10.02. The company has a quick ratio of 1.14, a current ratio of 1.20 and a debt-to-equity ratio of 0.05. The stock has a market cap of $937.69 million, a PE ratio of -6.85 and a beta of 2.07.

Insiders Place Their Bets

In other ProPetro news, CFO David Scott Schorlemer acquired 4,500 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were purchased at an average cost of $6.86 per share, for a total transaction of $30,870.00. Following the transaction, the chief financial officer now owns 112,992 shares in the company, valued at $775,125.12. This represents a 4.15 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.88% of the company’s stock.

Institutional Trading of ProPetro

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PUMP. GAMMA Investing LLC boosted its stake in ProPetro by 84.3% during the third quarter. GAMMA Investing LLC now owns 3,221 shares of the company’s stock worth $25,000 after acquiring an additional 1,473 shares in the last quarter. Quarry LP bought a new stake in shares of ProPetro in the 2nd quarter worth approximately $40,000. nVerses Capital LLC grew its stake in shares of ProPetro by 226.3% in the 3rd quarter. nVerses Capital LLC now owns 6,200 shares of the company’s stock worth $47,000 after buying an additional 4,300 shares during the last quarter. CWM LLC grew its stake in shares of ProPetro by 17.2% in the 3rd quarter. CWM LLC now owns 8,624 shares of the company’s stock worth $66,000 after buying an additional 1,267 shares during the last quarter. Finally, Chilton Capital Management LLC increased its position in ProPetro by 87.1% during the 2nd quarter. Chilton Capital Management LLC now owns 8,595 shares of the company’s stock valued at $75,000 after buying an additional 4,000 shares in the last quarter. Hedge funds and other institutional investors own 84.70% of the company’s stock.

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.