ProPetro (NYSE:PUMP) Trading Down 7.5% Following Weak Earnings

ProPetro Holding Corp. (NYSE:PUMP – Get Rating) shares dropped 7.5% during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $8.61 and last traded at $9.02. Approximately 13,884 shares were traded during trading, a decline of 99% from the average daily volume of 1,186,208 shares. The stock had previously closed at $9.75.

The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.55). ProPetro had a negative return on equity of 2.62% and a negative net margin of 2.21%. During the same quarter last year, the business earned ($0.08) EPS.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PUMP. Tudor Pickering upgraded shares of ProPetro from a “hold” rating to a “buy” rating in a research report on Thursday, May 5th. Tudor, Pickering, Holt & Co. upgraded shares of ProPetro from a “hold” rating to a “buy” rating in a research report on Thursday, May 5th. JPMorgan Chase & Co. lowered shares of ProPetro from an “overweight” rating to an “underweight” rating and lowered their target price for the stock from $16.00 to $14.00 in a research report on Thursday, May 26th. Citigroup upped their target price on shares of ProPetro to $19.00 in a research report on Friday, June 3rd. Finally, Piper Sandler increased their price target on shares of ProPetro from $15.50 to $16.75 and gave the company a “neutral” rating in a research report on Wednesday, June 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, ProPetro currently has a consensus rating of “Moderate Buy” and an average target price of $16.75.

Insider Activity

In related news, Director Spencer D. Armour III sold 32,931 shares of the company’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $8.99, for a total transaction of $296,049.69. Following the transaction, the director now owns 67,899 shares of the company’s stock, valued at $610,412.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Spencer D. Armour III sold 32,931 shares of the company’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $8.99, for a total transaction of $296,049.69. Following the transaction, the director now owns 67,899 shares of the company’s stock, valued at $610,412.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Phillip A. Gobe sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, May 12th. The shares were sold at an average price of $12.26, for a total transaction of $490,400.00. Following the transaction, the director now directly owns 244,111 shares in the company, valued at approximately $2,992,800.86. The disclosure for this sale can be found here. Insiders have sold 168,395 shares of company stock worth $1,961,975 over the last ninety days. 0.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ProPetro

Large investors have recently bought and sold shares of the stock. Meeder Asset Management Inc. purchased a new position in ProPetro during the first quarter worth approximately $34,000. ACG Wealth acquired a new stake in shares of ProPetro in the second quarter worth $34,000. Chilton Capital Management LLC acquired a new stake in shares of ProPetro in the fourth quarter worth $37,000. Robeco Institutional Asset Management B.V. acquired a new stake in shares of ProPetro in the second quarter worth $63,000. Finally, US Bancorp DE increased its position in shares of ProPetro by 25.1% in the second quarter. US Bancorp DE now owns 6,310 shares of the company’s stock worth $63,000 after acquiring an additional 1,268 shares in the last quarter. Hedge funds and other institutional investors own 86.35% of the company’s stock.

ProPetro Price Performance

The firm’s 50-day moving average price is $10.80 and its 200-day moving average price is $12.22. The company has a market cap of $890.22 million, a price-to-earnings ratio of -38.82 and a beta of 2.44.

ProPetro Company Profile

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ProPetro Holding Corp., an oilfield services company, provides hydraulic fracturing and other related services. The company operates through Pressure Pumping and All Other segments. It offers cementing, acidizing, and coiled tubing services. The company serves oil and gas companies engaged in the exploration and production of North American oil and natural gas resources.