FY2024 EPS Estimates for ProPetro Reduced by Zacks Research

ProPetro Holding Corp. (NYSE:PUMP) – Equities researchers at Zacks Research dropped their FY2024 EPS estimates for ProPetro in a note issued to investors on Wednesday, December 11th. Zacks Research analyst N. Choudhury now forecasts that the company will post earnings per share of ($1.17) for the year, down from their previous estimate of $0.27. The consensus estimate for ProPetro’s current full-year earnings is ($0.45) per share.

A number of other equities analysts also recently weighed in on PUMP. Citigroup dropped their target price on shares of ProPetro from $8.50 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. Barclays reduced 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. JPMorgan Chase & Co. upgraded ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 target price on the stock in a report on Friday, December 6th. Finally, Stifel Nicolaus lowered their price target on ProPetro from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $10.25.

ProPetro Stock Up 2.0 %

Shares of NYSE:PUMP opened at $9.32 on Monday. The company has a market capitalization of $958.79 million, a PE ratio of -6.89 and a beta of 2.07. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.14 and a current ratio of 1.20. The company’s fifty day moving average is $8.07 and its 200-day moving average is $8.22. ProPetro has a 52 week low of $6.53 and a 52 week high of $10.02.

Insiders Place Their Bets

In related news, CFO David Scott Schorlemer purchased 4,500 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was purchased at an average cost of $6.86 per share, with a total value of $30,870.00. Following the completion of the purchase, the chief financial officer now owns 112,992 shares in the company, valued at approximately $775,125.12. This trade represents a 4.15 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On ProPetro

Several hedge funds and other institutional investors have recently made changes to their positions in PUMP. CWM LLC raised its holdings in ProPetro by 17.2% during the 3rd quarter. CWM LLC now owns 8,624 shares of the company’s stock valued at $66,000 after acquiring an additional 1,267 shares during the period. GAMMA Investing LLC boosted its stake in shares of ProPetro by 84.3% during the third 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 during the period. Victory Capital Management Inc. grew its stake in shares of ProPetro by 1.8% in the second quarter. Victory Capital Management Inc. now owns 111,904 shares of the company’s stock worth $970,000 after purchasing an additional 1,990 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in ProPetro by 6.4% in the second quarter. The Manufacturers Life Insurance Company now owns 37,392 shares of the company’s stock valued at $324,000 after acquiring an additional 2,257 shares in the last quarter. Finally, Federated Hermes Inc. lifted its holdings in ProPetro by 8.9% in the second quarter. Federated Hermes Inc. now owns 29,912 shares of the company’s stock worth $259,000 after buying an additional 2,446 shares during the period. 84.70% of the stock is owned by institutional investors.

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.