ProPetro (NYSE:PUMP) Price Target Raised to $10.00

ProPetro (NYSE:PUMP) had its target price boosted by Citigroup from $8.00 to $10.00 in a report issued on Tuesday,Benzinga reports. They currently have a neutral rating on the stock.

PUMP has been the topic of a number of other research reports. Stifel Nicolaus cut their price objective on shares of ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Barclays dropped their target price on ProPetro from $13.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. raised ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price target for the company in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $10.75.

ProPetro Trading Up 0.4 %

PUMP opened at $10.02 on Tuesday. The firm’s 50 day moving average is $8.56 and its 200-day moving average is $8.29. ProPetro has a 52-week low of $6.53 and a 52-week high of $10.17. 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 firm has a market capitalization of $1.03 billion, a P/E ratio of -7.53 and a beta of 2.00.

Insiders Place Their Bets

In other news, CFO David Scott Schorlemer bought 4,500 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was bought at an average price of $6.86 per share, for a total transaction of $30,870.00. Following the transaction, the chief financial officer now owns 112,992 shares in the company, valued at $775,125.12. The trade was a 4.15 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 0.88% of the stock is owned by company insiders.

Hedge Funds Weigh In On ProPetro

Large investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. bought a new stake in ProPetro during the second quarter valued at $31,741,000. Dana Investment Advisors Inc. acquired a new position in shares of ProPetro in the 2nd quarter valued at about $6,439,000. Point72 Asset Management L.P. bought a new stake in shares of ProPetro during the 3rd quarter valued at about $3,525,000. American Century Companies Inc. raised its stake in ProPetro by 21.3% during the second quarter. American Century Companies Inc. now owns 2,515,579 shares of the company’s stock worth $21,810,000 after acquiring an additional 441,644 shares during the period. Finally, Weiss Asset Management LP bought a new position in ProPetro in the third quarter worth about $2,292,000. 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.