Zacks Research Comments on ProPetro Holding Corp.’s Q2 2024 Earnings (NYSE:PUMP)

Posted by Defense World Staff on Jul 13th, 2023

ProPetro Holding Corp. (NYSE:PUMP – Free Report) – Stock analysts at Zacks Research increased their Q2 2024 EPS estimates for ProPetro in a research report issued on Tuesday, July 11th. Zacks Research analyst N. Choudhury now expects that the company will earn $0.68 per share for the quarter, up from their previous estimate of $0.67. The consensus estimate for ProPetro’s current full-year earnings is $1.52 per share. Zacks Research also issued estimates for ProPetro’s Q3 2024 earnings at $0.23 EPS, FY2024 earnings at $1.68 EPS, Q1 2025 earnings at $0.35 EPS and FY2025 earnings at $1.53 EPS.

A number of other research analysts have also issued reports on PUMP. Citigroup decreased their target price on ProPetro from $10.00 to $9.00 in a research report on Wednesday, June 21st. Barclays cut their target price on ProPetro from $14.00 to $12.00 in a research note on Thursday, June 8th. 500.com reaffirmed a “maintains” rating on shares of ProPetro in a research note on Thursday, June 8th. Finally, Stifel Nicolaus cut their price objective on ProPetro from $17.00 to $16.00 in a research report on Wednesday.

ProPetro Price Performance

Shares of NYSE:PUMP opened at $9.39 on Wednesday. The company has a market cap of $1.08 billion, a PE ratio of 62.57 and a beta of 2.39. ProPetro has a twelve month low of $6.33 and a twelve month high of $12.58. The company’s 50 day moving average is $7.62 and its 200 day moving average is $8.34. The company has a current ratio of 1.21, a quick ratio of 1.15 and a debt-to-equity ratio of 0.03.

ProPetro (NYSE:PUMP – Get Free Report) last posted its quarterly earnings data on Wednesday, May 3rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.09). ProPetro had a net margin of 1.33% and a return on equity of 16.74%. The company had revenue of $423.57 million for the quarter, compared to analyst estimates of $410.08 million.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Capricorn Fund Managers Ltd boosted its position in ProPetro by 110.6% during the second quarter. Capricorn Fund Managers Ltd now owns 286,348 shares of the company’s stock worth $2,360,000 after purchasing an additional 150,348 shares in the last quarter. Ameriprise Financial Inc. lifted its position in ProPetro by 10.4% during the first quarter. Ameriprise Financial Inc. now owns 1,216,291 shares of the company’s stock worth $8,745,000 after buying an additional 115,058 shares during the period. B. Riley Wealth Advisors Inc. purchased a new position in ProPetro during the first quarter worth about $302,000. Chilton Capital Management LLC purchased a new position in ProPetro during the first quarter worth about $33,000. Finally, State Street Corp increased its stake in ProPetro by 6.7% during the first quarter. State Street Corp now owns 4,584,796 shares of the company’s stock worth $32,965,000 after acquiring an additional 289,537 shares during the last quarter. Institutional investors and hedge funds own 79.30% of the company’s stock.

Insider Buying and Selling at ProPetro

In other ProPetro news, Director Michele Vion sold 21,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $6.89, for a total value of $144,690.00. Following the completion of the sale, the director now owns 40,094 shares in the company, valued at $276,247.66. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.88% of the stock is owned by company insiders.

About ProPetro

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ProPetro Holding Corp., an integrated oilfield services 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.