Key Points
- Director G. Larry Lawrence sold 35,831 ProPetro shares at an average price of $11.16, generating approximately $399,874. His remaining direct holdings fell by 55.98% to 28,181 shares.
- ProPetro reported a quarterly loss of $0.07 per share, missing estimates by $0.06, while revenue of $305.81 million slightly exceeded expectations and declined 6.3% year over year.
- Analysts maintain a consensus “Moderate Buy” rating with a $16.50 target price, while institutional investors own 84.7% of the company’s stock.
ProPetro Holding Corp. (NYSE:PUMP - Get Free Report) Director G Larry Lawrence sold 35,831 shares of ProPetro stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $11.16, for a total value of $399,873.96. Following the completion of the transaction, the director directly owned 28,181 shares in the company, valued at approximately $314,499.96. This represents a 55.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
ProPetro Stock Performance
NYSE:PUMP opened at $11.03 on Thursday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 4.00 and a current ratio of 4.09. ProPetro Holding Corp. has a fifty-two week low of $4.51 and a fifty-two week high of $18.50. The company has a 50 day simple moving average of $13.58 and a two-hundred day simple moving average of $13.71. The company has a market capitalization of $1.36 billion, a PE ratio of -100.30 and a beta of 0.77.
ProPetro (NYSE:PUMP - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported ($0.07) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.06). The firm had revenue of $305.81 million during the quarter, compared to the consensus estimate of $304.48 million. ProPetro had a negative net margin of 1.15% and a negative return on equity of 1.49%. The company's revenue for the quarter was down 6.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.07) earnings per share. Research analysts anticipate that ProPetro Holding Corp. will post -0.06 earnings per share for the current year.
Institutional Investors Weigh In On ProPetro
Hedge funds have recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC increased its holdings in shares of ProPetro by 26.3% during the second quarter. Wedge Capital Management L L P NC now owns 143,025 shares of the company's stock valued at $2,051,000 after acquiring an additional 29,745 shares in the last quarter. PKO BP BANKOWY Universal Pension Society JSC grew its position in ProPetro by 0.9% in the 2nd quarter. PKO BP BANKOWY Universal Pension Society JSC now owns 870,485 shares of the company's stock valued at $12,483,000 after purchasing an additional 8,000 shares during the period. Assenagon Asset Management S.A. acquired a new stake in ProPetro in the 2nd quarter valued at $18,700,000. Bank of America Corp DE increased its stake in ProPetro by 1.1% during the 1st quarter. Bank of America Corp DE now owns 719,724 shares of the company's stock valued at $10,371,000 after purchasing an additional 7,532 shares in the last quarter. Finally, California State Teachers Retirement System increased its stake in ProPetro by 80.9% during the 1st quarter. California State Teachers Retirement System now owns 138,818 shares of the company's stock valued at $2,000,000 after purchasing an additional 62,090 shares in the last quarter. Institutional investors and hedge funds own 84.70% of the company's stock.
Wall Street Analyst Weigh In
A number of research analysts have recently issued reports on the company. Piper Sandler dropped their price objective on ProPetro from $20.00 to $18.00 and set an "overweight" rating on the stock in a research note on Thursday, July 30th. Barclays lowered their target price on ProPetro from $23.00 to $18.00 and set an "overweight" rating for the company in a report on Wednesday. The Goldman Sachs Group reissued a "neutral" rating and issued a $16.00 price target on shares of ProPetro in a research note on Wednesday, June 3rd. Odeon Capital Group started coverage on ProPetro in a report on Thursday, May 28th. They set a "buy" rating on the stock. Finally, Stifel Nicolaus dropped their target price on shares of ProPetro from $23.00 to $20.00 and set a "buy" rating on the stock in a research report on Monday. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.50.
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ProPetro Company Profile
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ProPetro Holding Corp is a publicly traded oilfield services company that specializes in hydraulic fracturing and well completion solutions for exploration and production operators. Headquartered in Midland, Texas, the company delivers a comprehensive suite of pressure pumping services designed to optimize reservoir stimulation and enhance hydrocarbon recovery. Its integrated approach encompasses well design, proppant selection, fluid systems and pressure management to support clients' development targets across unconventional plays.
The company's core offerings include high-pressure fracturing, coiled tubing, cementing, acidizing and flowback services, all supported by in-house logistics and digital monitoring tools.
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