ProPetro Holding Corp. (NYSE:PUMP) was the target of a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 1,710,000 shares, a drop of 23.3% from the March 15th total of 2,230,000 shares. Currently, 2.3% of the company’s shares are sold short. Based on an average daily volume of 1,070,000 shares, the short-interest ratio is presently 1.6 days.
Several brokerages recently issued reports on PUMP. Citigroup lifted their price objective on shares of ProPetro from $9.00 to $14.00 in a report on Tuesday, March 2nd. Stifel Nicolaus reaffirmed a “buy” rating on shares of ProPetro in a report on Wednesday, January 27th. Piper Sandler lifted their price target on shares of ProPetro from $5.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday, December 24th. B. Riley lifted their price target on shares of ProPetro from $9.50 to $12.50 and gave the stock a “neutral” rating in a report on Thursday, March 4th. Finally, Wolfe Research lowered shares of ProPetro from a “peer perform” rating to an “underperform” rating in a report on Monday, January 11th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $8.32.
In other news, Director Spencer D. Armour III sold 32,947 shares of ProPetro stock in a transaction that occurred on Tuesday, April 6th. The shares were sold at an average price of $10.75, for a total transaction of $354,180.25. Following the completion of the sale, the director now owns 55,126 shares of the company’s stock, valued at $592,604.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Samuel D. Sledge sold 19,099 shares of ProPetro stock in a transaction that occurred on Tuesday, March 16th. The shares were sold at an average price of $11.56, for a total transaction of $220,784.44. Following the sale, the insider now directly owns 21,840 shares of the company’s stock, valued at approximately $252,470.40. The disclosure for this sale can be found here. 4.60% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. HighMark Wealth Management LLC purchased a new stake in shares of ProPetro during the fourth quarter worth about $44,000. Schonfeld Strategic Advisors LLC purchased a new stake in ProPetro during the 3rd quarter valued at about $62,000. Truist Financial Corp purchased a new stake in ProPetro during the 3rd quarter valued at about $68,000. BCJ Capital Management LLC purchased a new stake in ProPetro during the 4th quarter valued at about $81,000. Finally, Koshinski Asset Management Inc. purchased a new stake in ProPetro during the 4th quarter valued at about $82,000. 78.51% of the stock is owned by institutional investors and hedge funds.
Shares of ProPetro stock traded down $0.57 during trading hours on Friday, reaching $10.07. The stock had a trading volume of 981,556 shares, compared to its average volume of 1,077,089. The stock’s 50 day moving average is $11.37 and its 200 day moving average is $8.49. The firm has a market capitalization of $1.03 billion, a PE ratio of -24.56 and a beta of 3.48. ProPetro has a twelve month low of $2.77 and a twelve month high of $13.99.
ProPetro (NYSE:PUMP) last issued its quarterly earnings data on Monday, February 22nd. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.24). The firm had revenue of $154.34 million during the quarter, compared to analyst estimates of $152.76 million. ProPetro had a negative return on equity of 0.92% and a negative net margin of 3.76%. The company’s revenue was down 64.5% on a year-over-year basis. During the same quarter last year, the company posted $0.22 EPS. On average, analysts forecast that ProPetro will post -0.39 EPS for the current year.
ProPetro Company Profile
ProPetro Holding Corp., an oilfield services company, provides pressure pumping and other related services. The company operates through Pressure Pumping and All Other segments. The company offers hydraulic fracturing, cementing, acidizing, and coiled tubing services. It serves the upstream oil and gas companies engaged in the exploration and production of North American…