ProPetro Holding price target lowered to $9 from $10 at Citi

Citi analyst Scott Gruber lowered the firm’s price target on ProPetro Holding to $9 from $10 and keeps a Neutral rating on the shares. Last week, the EIA published their monthly drilling productivity report, which showed U.S. completion activity down 6% in May from April and down 8% from the Q1 run rate, the analyst noted. Though frac activity and rates are starting to soften, Citi believes “a more pronounced correction is set to unfold,” forecasting that Permian completion activity is set to fall about 10%.