ProPetro (NYSE:PUMP) Sets New 52-Week High – Time to Buy?

ProPetro Holding Corp. (NYSE:PUMP)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $10.64 and last traded at $10.60, with a volume of 138820 shares changing hands. The stock had previously closed at $10.28.

Analysts Set New Price Targets

Several brokerages recently weighed in on PUMP. Citigroup raised their price target on shares of ProPetro from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Stifel Nicolaus cut their price objective on ProPetro from $12.00 to $11.00 and set a “buy” rating for the company in a report on Friday, October 11th. Barclays dropped their target price on ProPetro from $13.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Finally, 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. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, ProPetro presently has a consensus rating of “Hold” and a consensus price target of $10.75.

ProPetro Trading Up 1.5 %

The company has a quick ratio of 1.14, a current ratio of 1.20 and a debt-to-equity ratio of 0.05. The stock’s 50 day moving average price is $8.76 and its 200-day moving average price is $8.32. The stock has a market capitalization of $1.07 billion, a PE ratio of -7.84 and a beta of 2.00.

Insiders Place Their Bets

In related news, CFO David Scott Schorlemer acquired 4,500 shares of the business’s stock in a transaction on Monday, November 4th. The stock was acquired at an average cost of $6.86 per share, with a total value of $30,870.00. Following the acquisition, the chief financial officer now directly owns 112,992 shares in the company, valued at $775,125.12. This represents a 4.15 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.88% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PUMP. Pacer Advisors Inc. lifted its position in ProPetro by 95.4% during the third quarter. Pacer Advisors Inc. now owns 7,152,687 shares of the company’s stock valued at $54,790,000 after purchasing an additional 3,491,723 shares during the last quarter. Dimensional Fund Advisors LP grew its position in ProPetro by 0.8% in the second quarter. Dimensional Fund Advisors LP now owns 7,095,253 shares of the company’s stock worth $61,515,000 after acquiring an additional 54,555 shares in the last quarter. American Century Companies Inc. raised its stake in shares of ProPetro by 21.3% in the second quarter. American Century Companies Inc. now owns 2,515,579 shares of the company’s stock valued at $21,810,000 after acquiring an additional 441,644 shares during the period. Encompass Capital Advisors LLC boosted its stake in shares of ProPetro by 2.4% during the second quarter. Encompass Capital Advisors LLC now owns 1,526,485 shares of the company’s stock valued at $13,235,000 after purchasing an additional 36,339 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC lifted its holdings in ProPetro by 2.7% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,088,880 shares of the company’s stock valued at $8,341,000 after buying an additional 28,660 shares in the last quarter. 84.70% of the stock is currently owned by 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.