ProPetro (NYSE:PUMP) Trading Down 3.4% – Here’s What Happened

ProPetro Holding Corp. (NYSE:PUMP)’s share price dropped 3.4% during trading on Friday . The stock traded as low as $10.50 and last traded at $10.33. Approximately 87,593 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 1,369,599 shares. The stock had previously closed at $10.69.

Analysts Set New Price Targets

PUMP has been the topic of several research analyst reports. Stifel Nicolaus dropped their target price on shares of ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. JPMorgan Chase & Co. raised shares of ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price objective on the stock in a report on Friday, December 6th. Barclays reduced their target price on ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Finally, Citigroup boosted their price target on ProPetro from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. 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, ProPetro has an average rating of “Hold” and a consensus price target of $10.75.

ProPetro Stock Performance

The firm’s fifty day simple moving average is $9.29 and its 200 day simple moving average is $8.47. The company has a market capitalization of $1.08 billion, a PE ratio of -7.92 and a beta of 2.00. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.20 and a quick ratio of 1.14.

Insider Buying and Selling

In other news, CFO David Scott Schorlemer purchased 4,500 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were purchased at an average cost of $6.86 per share, with a total value of $30,870.00. Following the completion of the acquisition, the chief financial officer now owns 112,992 shares of the company’s stock, valued at approximately $775,125.12. This represents a 4.15 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.88% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. GAMMA Investing LLC increased its stake in shares of ProPetro by 84.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,221 shares of the company’s stock valued at $25,000 after purchasing an additional 1,473 shares in the last quarter. Quarry LP acquired a new stake in ProPetro in the second quarter valued at approximately $40,000. nVerses Capital LLC increased its position in shares of ProPetro by 226.3% in the third quarter. nVerses Capital LLC now owns 6,200 shares of the company’s stock valued at $47,000 after buying an additional 4,300 shares in the last quarter. CWM LLC raised its stake in shares of ProPetro by 17.2% during 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 period. Finally, KBC Group NV lifted its position in shares of ProPetro by 90.5% during the 4th 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. Institutional investors and hedge funds 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.