JPMorgan Chase & Co. Upgrades ProPetro (NYSE:PUMP) to “Neutral”

JPMorgan Chase & Co. upgraded shares of ProPetro (NYSE:PUMP) from an underweight rating to a neutral rating in a research note published on Friday morning, Marketbeat Ratings reports. JPMorgan Chase & Co. currently has $10.00 price objective on the stock.

Other research analysts have also recently issued research reports about the company. Citigroup decreased their target price on 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 objective on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Finally, 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. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $10.25.

ProPetro Stock Performance

PUMP opened at $7.91 on Friday. ProPetro has a 1-year low of $6.53 and a 1-year high of $10.02. The company has a market capitalization of $814.18 million, a price-to-earnings ratio of -5.95 and a beta of 2.07. The business has a 50 day moving average price of $7.96 and a two-hundred day moving average price of $8.24. 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 Activity at ProPetro

In other news, CFO David Scott Schorlemer purchased 4,500 shares of ProPetro stock in a transaction that occurred on Monday, November 4th. The stock was acquired at an average price of $6.86 per share, for a total transaction of $30,870.00. Following the transaction, the chief financial officer now owns 112,992 shares in the company, valued at $775,125.12. The trade was a 4.15 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 0.88% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ProPetro

Several institutional investors and hedge funds have recently added to or reduced their stakes in PUMP. GAMMA Investing LLC boosted its position in shares of ProPetro by 84.3% in the third quarter. GAMMA Investing LLC now owns 3,221 shares of the company’s stock worth $25,000 after buying an additional 1,473 shares during the period. Quarry LP purchased a new stake in ProPetro in the 2nd quarter worth about $40,000. nVerses Capital LLC boosted its position in ProPetro by 226.3% during the 3rd quarter. nVerses Capital LLC now owns 6,200 shares of the company’s stock worth $47,000 after acquiring an additional 4,300 shares during the period. CWM LLC grew its stake 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 in the last quarter. Finally, Chilton Capital Management LLC increased its holdings in shares of ProPetro by 87.1% in the 2nd quarter. Chilton Capital Management LLC now owns 8,595 shares of the company’s stock valued at $75,000 after purchasing an additional 4,000 shares during the period. 84.70% of the stock is currently owned by hedge funds and other institutional investors.

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.