ProPetro (NYSE:PUMP) Shares Gap Down to $10.47

ProPetro Holding Corp. (NYSE:PUMP) shares gapped down before the market opened on Wednesday . The stock had previously closed at $10.47, but opened at $9.89. ProPetro shares last traded at $10.13, with a volume of 573 shares.

Separately, Atb Cap Markets upgraded shares of ProPetro from a “sector perform” rating to an “outperform” rating in a research note on Saturday, October 9th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $9.75.

The stock has a market capitalization of $1.05 billion, a PE ratio of -10.07 and a beta of 3.30. The firm’s fifty day moving average is $8.17 and its 200-day moving average is $9.16.

ProPetro (NYSE:PUMP) last posted its quarterly earnings results on Tuesday, August 3rd. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.02). The firm had revenue of $216.89 million for the quarter, compared to analysts’ expectations of $203.42 million. ProPetro had a negative return on equity of 8.16% and a negative net margin of 15.33%. On average, equities research analysts predict that ProPetro Holding Corp. will post -0.31 earnings per share for the current fiscal year.

In other ProPetro news, Director Spencer D. Armour III sold 98,793 shares of the stock in a transaction dated Tuesday, October 5th. The shares were sold at an average price of $9.97, for a total value of $984,966.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Royal Bank of Canada increased its holdings in ProPetro by 1,948.7% in the second quarter. Royal Bank of Canada now owns 6,146 shares of the company’s stock valued at $57,000 after buying an additional 5,846 shares in the last quarter. Captrust Financial Advisors increased its stake in shares of ProPetro by 3,814.1% during the 1st quarter. Captrust Financial Advisors now owns 6,654 shares of the company’s stock worth $71,000 after purchasing an additional 6,484 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in shares of ProPetro during the 2nd quarter worth approximately $103,000. Wedge Capital Management L L P NC purchased a new position in shares of ProPetro during the 3rd quarter worth approximately $137,000. Finally, XTX Topco Ltd purchased a new position in shares of ProPetro during the 2nd quarter worth approximately $157,000. 76.04% of the stock is owned by institutional investors.

About ProPetro (NYSE:PUMP)

ProPetro Holding Corp. is an oilfield services company that engages in the provision of hydraulic fracturing and other complementary services. It operates through the following segments: Hydraulic Fracturing, Cementing, Coil Tubing, Flowback, and Drilling. The Hydraulic Fracturing segment intends to optimize hydrocarbon flow paths during the completion phase of horizontal shale wellbores.

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