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PUMP

ProPetro Holding

$7.34

-0.36 (-4.68%)

18:33
11/13/19
11/13
18:33
11/13/19
18:33

ProPetro discloses U.S. SEC probe

ProPetro has filed a Current Report on Form 8-K that provides updates regarding the audit committee's internal review, as well as related accounting conclusions regarding the existence of at least two material weaknesses, recently filed shareholder litigation, a Securities and Exchange Commission investigation and related matters. The audit committee has continued to review the matters previously disclosed in the company's Current Reports on Form 8-K filed with the SEC on August 8, 2019 and October 9, 2019. Since October 9, 2019, the Audit Committee has identified one related party transaction that was not previously disclosed and is described in greater detail in the Form 8-K. The company and certain of its officers and directors have been named in a shareholder class action lawsuit that was filed in September 2019 and remains in its early stages. The company has also been advised by the SEC that the SEC has opened an investigation into the company, and the company has cooperated and expects to continue to cooperate with the SEC's investigation. The company cannot currently predict the duration, scope or results of either of these proceedings, including whether either or both may have a material adverse impact on the company. ProPetro has also filed a Form 12b-25, Notification of Late Filing, with the SEC today regarding its inability to timely file its Form 10-Q for the third quarter of 2019. The company does not currently expect to be in a position to file amended, delinquent or future SEC filings prior to the end of 2019. As described in the Form 8-K and Form 12b-25, the company will continue to seek to take all appropriate actions and make necessary filings with the SEC with a view to becoming current in its filing obligations under the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable.

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PUMP ProPetro Holding
$7.34

-0.36 (-4.68%)

09/12/19
COWN
09/12/19
DOWNGRADE
Target $11
COWN
Market Perform
ProPetro Holding downgraded to Market Perform from Outperform at Cowen
Cowen analyst Marc Bianchi downgraded ProPetro Holdings to Market Perform form Outperform. The analyst noted the company has passed its 30-day review period from when the company announced an internal issue and no update has been given. He believes the audit committee's review will likely be a binary event for the stock which he has no comfort in estimating. Bianchi has an $11 price target on ProPetro Holdings shares.
10/10/19
PIPR
10/10/19
UPGRADE
Target $12
PIPR
Overweight
ProPetro Holding upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray analyst John Daniel upgraded ProPetro Holding to Overweight from Neutral with a price target of $12, down from $17. Last night's investigation update is encouraging and does not point to any evidence of a government investigation. Daniel tells investors in a research note. . One would assume if any investigation of that type were underway, it would be disclosed, says the analyst.
10/10/19
RAJA
10/10/19
NO CHANGE
Target $14
RAJA
Outperform
ProPetro price target lowered to $14 from $20 at Raymond James
Raymond James analyst Praveen Narra lowered his price target for ProPetro Holdings to $14 from $20 after the company announced that its internal review is substantially complete. While the review will result in several management roles being different, management as a whole is largely intact with Dale Redman remaining as the CEO, which should remove a large overhang, Narra tells investors in a research note. With the largest overhang of the investigation removed, NArra expects the stock to outperform despite the weak guidance. He reiterates an Outperform rating.
10/18/19
RILY
10/18/19
NO CHANGE
Target $17
RILY
Buy
ProPetro Holding price target lowered to $17 from $29 at B. Riley FBR
B. Riley FBR analyst Thomas Curran lowered his price target for ProPetro Holding to $17 from $29 citing the "lingering unknowns" of the audit committee's review of internal and disclosure controls. The analyst, however, finds ProPetro's latest update, especially the management changes, encouraging and believes the stock's risk/reward "remains compelling." He keeps a Buy rating on the shares.

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