Citigroup Forecasts Strong Price Appreciation for ProPetro (NYSE:PUMP) Stock

ProPetro (NYSE:PUMPGet Free Report) had its price objective raised by research analysts at Citigroup from $8.00 to $10.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price target would indicate a potential downside of 0.60% from the company’s current price.

Other equities research analysts have also issued research reports about the company. Barclays dropped their price target on ProPetro from $13.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. 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 report on Friday, October 11th. Finally, JPMorgan Chase & Co. upgraded shares of ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price target for the company in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $10.75.

Get Our Latest Analysis on ProPetro

ProPetro Trading Up 2.5 %

Shares of PUMP stock traded up $0.25 on Tuesday, hitting $10.06. The stock had a trading volume of 879,850 shares, compared to its average volume of 1,127,498. The firm has a market cap of $1.04 billion, a P/E ratio of -7.56 and a beta of 2.00. ProPetro has a twelve month low of $6.53 and a twelve month high of $10.17. 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 fifty day moving average price of $8.46 and a two-hundred day moving average price of $8.27.

Insider Buying and Selling at ProPetro

In other news, CFO David Scott Schorlemer bought 4,500 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was acquired at an average cost of $6.86 per share, for a total transaction of $30,870.00. Following the purchase, the chief financial officer now owns 112,992 shares of the company’s stock, valued at approximately $775,125.12. This trade represents a 4.15 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.88% of the company’s stock.

Institutional Trading of ProPetro

A number of hedge funds have recently made changes to their positions in PUMP. GAMMA Investing LLC raised its holdings in ProPetro by 38.0% in the 4th quarter. GAMMA Investing LLC now owns 4,446 shares of the company’s stock valued at $41,000 after acquiring an additional 1,225 shares during the period. JPMorgan Chase & Co. grew its position in shares of ProPetro by 5.6% in the third quarter. JPMorgan Chase & Co. now owns 97,736 shares of the company’s stock valued at $749,000 after purchasing an additional 5,198 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its stake in shares of ProPetro by 209.2% during the third quarter. B. Riley Wealth Advisors Inc. now owns 272,374 shares of the company’s stock worth $2,115,000 after purchasing an additional 184,273 shares during the period. Franklin Resources Inc. lifted its holdings in ProPetro by 5.8% during the 3rd quarter. Franklin Resources Inc. now owns 61,979 shares of the company’s stock worth $513,000 after purchasing an additional 3,417 shares during the last quarter. Finally, Barclays PLC boosted its stake in ProPetro by 109.2% in the 3rd quarter. Barclays PLC now owns 242,057 shares of the company’s stock valued at $1,855,000 after purchasing an additional 126,346 shares during the period. 84.70% of the stock is owned by institutional investors and hedge funds.

ProPetro Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for ProPetro (NYSE:PUMP)

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