ProPetro (NYSE:PUMP) Shares Gap Up on Strong Earnings

Shares of ProPetro Holding Corp. (NYSE:PUMP) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $8.72, but opened at $9.25. ProPetro shares last traded at $9.39, with a volume of 975,121 shares.

The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.10. The company had revenue of $405.84 million for the quarter, compared to analysts’ expectations of $393.11 million. ProPetro had a return on equity of 7.62% and a net margin of 4.76%. The business’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.40 earnings per share.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. TheStreet cut ProPetro from a “b-” rating to a “c+” rating in a report on Monday, January 8th. Benchmark reissued a “hold” rating on shares of ProPetro in a report on Thursday.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PUMP. SG Americas Securities LLC bought a new position in shares of ProPetro in the third quarter valued at $145,000. Raymond James & Associates increased its holdings in shares of ProPetro by 11.9% in the third quarter. Raymond James & Associates now owns 109,595 shares of the company’s stock valued at $1,165,000 after buying an additional 11,686 shares in the last quarter. Bailard Inc. bought a new position in shares of ProPetro in the third quarter valued at $267,000. New York State Teachers Retirement System increased its holdings in shares of ProPetro by 7.6% in the third quarter. New York State Teachers Retirement System now owns 104,464 shares of the company’s stock valued at $1,110,000 after buying an additional 7,343 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of ProPetro by 15.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,512 shares of the company’s stock valued at $463,000 after buying an additional 5,861 shares in the last quarter. Institutional investors own 84.70% of the company’s stock.

ProPetro Price Performance

The company has a market cap of $986.42 million, a P/E ratio of 13.69 and a beta of 2.09. The company has a fifty day simple moving average of $8.02 and a 200-day simple moving average of $8.52. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.18 and a quick ratio of 1.08.

ProPetro Company Profile

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.