ProPetro (NYSE:PUMP) Price Target Raised to $10.00

ProPetro (NYSE:PUMP) had its price objective boosted by Citigroup from $8.00 to $10.00 in a report released on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts have also issued reports on the company. Barclays reduced their target price on ProPetro from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. JPMorgan Chase & Co. upgraded ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price objective on the stock in a research report on Friday, December 6th. Finally, 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 report on Friday, October 11th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $10.75.

ProPetro Stock Performance

Shares of PUMP opened at $10.02 on Tuesday. ProPetro has a 12-month low of $6.53 and a 12-month high of $10.17. The stock has a market cap of $1.03 billion, a P/E ratio of -7.53 and a beta of 2.00. The company has a current ratio of 1.20, a quick ratio of 1.14 and a debt-to-equity ratio of 0.05. The company has a 50-day moving average of $8.56 and a two-hundred day moving average of $8.29.

Insiders Place Their Bets

In related news, CFO David Scott Schorlemer bought 4,500 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were acquired at an average cost of $6.86 per share, with a total value of $30,870.00. Following the completion of the transaction, the chief financial officer now owns 112,992 shares of the company’s stock, valued at approximately $775,125.12. The trade was a 4.15 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On ProPetro

Several institutional investors and hedge funds have recently bought and sold shares of PUMP. Pacer Advisors Inc. grew its stake in shares of ProPetro by 95.4% during the 3rd quarter. Pacer Advisors Inc. now owns 7,152,687 shares of the company’s stock valued at $54,790,000 after buying an additional 3,491,723 shares during the period. Dimensional Fund Advisors LP boosted its holdings in ProPetro by 0.8% in the second quarter. Dimensional Fund Advisors LP now owns 7,095,253 shares of the company’s stock valued at $61,515,000 after acquiring an additional 54,555 shares during the last quarter. American Century Companies Inc. grew its position in ProPetro by 21.3% during the second quarter. American Century Companies Inc. now owns 2,515,579 shares of the company’s stock valued at $21,810,000 after acquiring an additional 441,644 shares during the period. Encompass Capital Advisors LLC increased its stake in ProPetro by 2.4% during the second quarter. Encompass Capital Advisors LLC now owns 1,526,485 shares of the company’s stock worth $13,235,000 after acquiring an additional 36,339 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its holdings in shares of ProPetro by 2.7% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,088,880 shares of the company’s stock worth $8,341,000 after purchasing an additional 28,660 shares during the period. Institutional investors and hedge funds 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.