ProPetro (NYSE:PUMP) Hits New 12-Month High – What’s Next?

ProPetro Holding Corp. (NYSE:PUMP)’s stock price hit a new 52-week high on Thursday . The company traded as high as $10.06 and last traded at $10.00, with a volume of 568323 shares. The stock had previously closed at $9.33.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PUMP. Barclays cut their price objective on ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Citigroup lowered their price objective on shares of ProPetro from $8.50 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. JPMorgan Chase & Co. upgraded 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. Finally, Stifel Nicolaus decreased their target price on ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, ProPetro has a consensus rating of “Hold” and an average target price of $10.25.

ProPetro Stock Performance

The stock has a market capitalization of $1.02 billion, a P/E ratio of -7.42 and a beta of 2.07. 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 company has a fifty day simple moving average of $8.41 and a two-hundred day simple moving average of $8.26.

Insider Activity at ProPetro

In other news, CFO David Scott Schorlemer bought 4,500 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were bought 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 owns 112,992 shares in the company, valued at $775,125.12. This trade represents a 4.15 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.88% of the stock is owned by insiders.

Hedge Funds Weigh In On ProPetro

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC grew its holdings in ProPetro by 38.0% in the 4th quarter. GAMMA Investing LLC now owns 4,446 shares of the company’s stock valued at $41,000 after buying an additional 1,225 shares in the last quarter. CWM LLC grew its stake in shares of ProPetro by 17.2% in the third 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. Victory Capital Management Inc. raised its stake in ProPetro by 1.8% in the 2nd 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 in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in ProPetro by 6.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,392 shares of the company’s stock valued at $324,000 after purchasing an additional 2,257 shares during the period. Finally, Federated Hermes Inc. grew its position in shares of ProPetro by 8.9% during the 2nd quarter. Federated Hermes Inc. now owns 29,912 shares of the company’s stock worth $259,000 after purchasing an additional 2,446 shares in the last quarter. 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.