ProPetro (NYSE:PUMP) Given New $15.50 Price Target at Piper Sandler

ProPetro (NYSE:PUMPGet Rating) had its price target lowered by Piper Sandler from $17.00 to $15.50 in a report released on Thursday, The Fly reports. The brokerage currently has a neutral rating on the stock.

PUMP has been the subject of several other reports. Stifel Nicolaus raised their target price on ProPetro from $13.00 to $16.00 in a research report on Friday, April 8th. Tudor Pickering raised ProPetro from a hold rating to a buy rating in a research report on Thursday, May 5th. R. F. Lafferty raised their target price on ProPetro from $11.00 to $18.00 and gave the stock a buy rating in a research report on Wednesday, February 23rd. Zacks Investment Research cut ProPetro from a buy rating to a hold rating and set a $13.00 target price for the company. in a research report on Wednesday, February 16th. Finally, Tudor, Pickering, Holt & Co. raised ProPetro from a hold rating to a buy rating in a research report on Thursday, May 5th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, ProPetro has a consensus rating of Buy and an average price target of $15.63.

PUMP opened at $11.95 on Thursday. ProPetro has a 1-year low of $6.39 and a 1-year high of $16.92. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -54.32 and a beta of 2.51. The business has a 50 day moving average of $13.85 and a 200-day moving average of $11.47.

ProPetro (NYSE:PUMPGet Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.05. ProPetro had a negative return on equity of 2.62% and a negative net margin of 2.21%. The company had revenue of $282.68 million during the quarter, compared to analysts’ expectations of $273.81 million. During the same period in the prior year, the business earned ($0.20) earnings per share. ProPetro’s revenue for the quarter was up 75.1% compared to the same quarter last year. Equities research analysts anticipate that ProPetro will post 0.75 EPS for the current fiscal year.

In other news, Director Spencer D. Armour III sold 32,931 shares of the firm’s stock in a transaction on Tuesday, April 5th. The stock was sold at an average price of $14.37, for a total value of $473,218.47. Following the completion of the sale, the director now directly owns 54,515 shares in the company, valued at $783,380.55. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Elo Omavuezi sold 6,687 shares of the firm’s stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $13.23, for a total value of $88,469.01. Following the completion of the sale, the chief accounting officer now owns 725 shares of the company’s stock, valued at $9,591.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 95,464 shares of company stock valued at $1,257,927. Company insiders own 0.90% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Towle & Co. increased its position in ProPetro by 37.9% in the third quarter. Towle & Co. now owns 4,473,620 shares of the company’s stock worth $38,697,000 after purchasing an additional 1,228,610 shares during the period. Cornercap Investment Counsel Inc. increased its position in ProPetro by 30.5% in the third quarter. Cornercap Investment Counsel Inc. now owns 145,630 shares of the company’s stock worth $1,260,000 after purchasing an additional 34,004 shares during the period. Two Sigma Investments LP acquired a new stake in ProPetro in the third quarter worth about $1,239,000. Renaissance Technologies LLC acquired a new stake in ProPetro in the third quarter worth about $466,000. Finally, Hsbc Holdings PLC increased its position in ProPetro by 34.1% in the third quarter. Hsbc Holdings PLC now owns 35,956 shares of the company’s stock worth $310,000 after purchasing an additional 9,138 shares during the period. Hedge funds and other institutional investors own 86.35% of the company’s stock.

ProPetro Company Profile (Get Rating)

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.

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