ProPetro (NYSE:PUMP) Reaches New 52-Week Low – Here’s What Happened

ProPetro Holding Corp. (NYSE:PUMP)’s share price reached a new 52-week low during trading on Thursday . The stock traded as low as $6.48 and last traded at $6.51, with a volume of 990564 shares trading hands. The stock had previously closed at $7.59.

Analyst Ratings Changes

PUMP has been the topic of several research reports. Stifel Nicolaus boosted their price target on ProPetro from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, February 21st. JPMorgan Chase & Co. raised shares of ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 target price on the stock in a report on Friday, December 6th. Benchmark reaffirmed a “hold” rating on shares of ProPetro in a research note on Thursday, February 20th. Barclays reduced their price objective on shares of ProPetro from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Monday, March 3rd. Finally, Citigroup raised their target price on ProPetro from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, ProPetro has a consensus rating of “Hold” and an average price target of $10.75.

ProPetro Trading Down 17.3 %

The company has a debt-to-equity ratio of 0.06, a current ratio of 1.31 and a quick ratio of 1.14. The firm’s fifty day moving average is $8.22 and its 200-day moving average is $8.45. The firm has a market cap of $647.49 million, a price-to-earnings ratio of -4.68 and a beta of 2.03.

Institutional Investors Weigh In On ProPetro

A number of hedge funds have recently added to or reduced their stakes in PUMP. American Century Companies Inc. grew its position in shares of ProPetro by 8.8% during the 4th quarter. American Century Companies Inc. now owns 3,236,135 shares of the company’s stock worth $30,193,000 after buying an additional 262,202 shares during the period. Van ECK Associates Corp boosted its holdings in ProPetro by 57.3% in the fourth quarter. Van ECK Associates Corp now owns 1,527,598 shares of the company’s stock worth $14,253,000 after acquiring an additional 556,747 shares in the last quarter. Sourcerock Group LLC acquired a new stake in ProPetro in the fourth quarter valued at approximately $14,079,000. Hotchkis & Wiley Capital Management LLC grew its position in ProPetro by 2.7% in 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 purchasing an additional 28,660 shares during the period. Finally, Bridgeway Capital Management LLC raised its holdings in ProPetro by 2.7% during the fourth quarter. Bridgeway Capital Management LLC now owns 1,034,873 shares of the company’s stock worth $9,655,000 after buying an additional 27,086 shares during the last quarter. 84.70% of the stock is currently 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.