Zacks Research Weighs in on ProPetro Holding Corp.’s FY2023 Earnings (NYSE:PUMP)

Posted by Defense World Staff on Sep 25th, 2023

ProPetro Holding Corp. (NYSE:PUMP – Free Report) – Zacks Research decreased their FY2023 earnings estimates for ProPetro in a report issued on Thursday, September 21st. Zacks Research analyst N. Choudhury now anticipates that the company will post earnings per share of $1.23 for the year, down from their prior forecast of $1.24. The consensus estimate for ProPetro’s current full-year earnings is $1.16 per share. Zacks Research also issued estimates for ProPetro’s Q2 2025 earnings at $0.44 EPS.

ProPetro (NYSE:PUMP – Get Free Report) last released its quarterly earnings results on Wednesday, August 2nd. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.07). ProPetro had a net margin of 5.91% and a return on equity of 16.81%. The firm had revenue of $435.00 million for the quarter, compared to the consensus estimate of $436.27 million. During the same period in the previous year, the business earned $0.29 earnings per share. The firm’s revenue for the quarter was up 38.1% on a year-over-year basis.

Several other analysts have also commented on the stock. Barclays lowered their price objective on shares of ProPetro from $14.00 to $12.00 in a research report on Thursday, June 8th. Stifel Nicolaus lowered their price objective on shares of ProPetro from $17.00 to $16.00 in a research report on Wednesday, July 12th. TheStreet raised shares of ProPetro from a “c” rating to a “b-” rating in a research report on Wednesday, August 9th. Citigroup lifted their price objective on shares of ProPetro from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 18th. Finally, Benchmark raised shares of ProPetro from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. One investment analyst has rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $12.67.

Check Out Our Latest Analysis on PUMP

ProPetro Stock Up 1.2 %

PUMP opened at $10.12 on Monday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.26 and a quick ratio of 1.19. The company’s 50-day moving average is $10.03 and its 200 day moving average is $8.43. ProPetro has a fifty-two week low of $6.33 and a fifty-two week high of $12.58. The firm has a market capitalization of $1.14 billion, a P/E ratio of 12.49 and a beta of 2.44.

Hedge Funds Weigh In On ProPetro

A number of institutional investors have recently made changes to their positions in PUMP. BlackRock Inc. increased its holdings in shares of ProPetro by 8.8% in the 3rd quarter. BlackRock Inc. now owns 17,847,360 shares of the company’s stock worth $143,672,000 after buying an additional 1,445,598 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of ProPetro by 25.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,750,490 shares of the company’s stock worth $48,536,000 after buying an additional 1,381,397 shares during the last quarter. Boston Partners increased its holdings in shares of ProPetro by 42.8% in the 1st quarter. Boston Partners now owns 3,992,577 shares of the company’s stock worth $28,701,000 after buying an additional 1,196,513 shares during the last quarter. Invesco Ltd. increased its holdings in shares of ProPetro by 94.7% in the 1st quarter. Invesco Ltd. now owns 1,209,464 shares of the company’s stock worth $16,847,000 after buying an additional 588,158 shares during the last quarter. Finally, Hodges Capital Management Inc. increased its holdings in shares of ProPetro by 127.8% in the 2nd quarter. Hodges Capital Management Inc. now owns 1,014,537 shares of the company’s stock worth $11,768,000 after buying an additional 569,265 shares during the last quarter. Institutional investors own 78.54% of the company’s stock.

Insider Transactions at ProPetro

In other news, Director Phillip A. Gobe sold 20,000 shares of ProPetro stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $11.00, for a total value of $220,000.00. Following the completion of the transaction, the director now owns 168,629 shares in the company, valued at $1,854,919. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Elo Omavuezi sold 4,182 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $10.28, for a total transaction of $42,990.96. Following the sale, the chief accounting officer now owns 6,903 shares of the company’s stock, valued at approximately $70,962.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Phillip A. Gobe sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $11.00, for a total transaction of $220,000.00. Following the sale, the director now directly owns 168,629 shares in the company, valued at approximately $1,854,919. The disclosure for this sale can be found here. Insiders sold 140,649 shares of company stock worth $1,452,243 over the last quarter. Corporate insiders own 0.88% of the company’s stock.

ProPetro Company Profile

(Get Free Report)

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.