Rhumbline Advisers Cuts Stake in ProPetro Holding Corp. $PUMP

Rhumbline Advisers cut its position in ProPetro Holding Corp. (NYSE:PUMP) by 52.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 134,140 shares of the company’s stock after selling 146,122 shares during the quarter. Rhumbline Advisers’ holdings in ProPetro were worth $703,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Sourcerock Group LLC increased its holdings in ProPetro by 66.4% in the 2nd quarter. Sourcerock Group LLC now owns 8,408,391 shares of the company’s stock worth $50,198,000 after acquiring an additional 3,355,848 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of ProPetro by 140.8% in the second quarter. JPMorgan Chase & Co. now owns 810,279 shares of the company’s stock worth $4,837,000 after purchasing an additional 473,812 shares in the last quarter. HRT Financial LP bought a new stake in shares of ProPetro in the second quarter valued at approximately $2,042,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of ProPetro during the 3rd quarter valued at approximately $1,569,000. Finally, Prudential Financial Inc. boosted its holdings in ProPetro by 256.5% in the 2nd quarter. Prudential Financial Inc. now owns 377,904 shares of the company’s stock worth $2,256,000 after buying an additional 271,906 shares during the period. Hedge funds and other institutional investors own 84.70% of the company’s stock.

Analysts Set New Price Targets

PUMP has been the topic of a number of analyst reports. Piper Sandler boosted their target price on shares of ProPetro from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProPetro in a research note on Monday, December 29th. Wolfe Research raised ProPetro to a “buy” rating and set a $13.00 price objective on the stock in a report on Wednesday, December 10th. Barclays lifted their target price on ProPetro from $11.00 to $12.00 and gave the company an “equal weight” rating in a report on Wednesday, February 25th. Finally, JPMorgan Chase & Co. upgraded ProPetro from a “neutral” rating to an “overweight” rating and upped their price target for the company from $7.00 to $13.00 in a research report on Wednesday, December 10th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $12.83.

ProPetro Trading Up 1.5%

NYSE PUMP opened at $12.51 on Thursday. The firm has a market cap of $1.53 billion, a PE ratio of 1,250.50 and a beta of 0.70. ProPetro Holding Corp. has a 1-year low of $4.51 and a 1-year high of $13.25. The stock has a 50-day moving average of $10.82 and a 200-day moving average of $8.58. The company has a current ratio of 1.29, a quick ratio of 1.24 and a debt-to-equity ratio of 0.13.

ProPetro (NYSE:PUMP) last released its quarterly earnings data on Wednesday, February 18th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.14. ProPetro had a return on equity of 0.10% and a net margin of 0.06%.The firm had revenue of $289.68 million during the quarter, compared to analyst estimates of $279.90 million. During the same quarter in the prior year, the firm posted ($0.17) earnings per share. The business’s quarterly revenue was down 9.6% compared to the same quarter last year. As a group, sell-side analysts forecast that ProPetro Holding Corp. will post 0.25 EPS for the current year.

ProPetro Company Profile

ProPetro Holding Corp is a publicly traded oilfield services company that specializes in hydraulic fracturing and well completion solutions for exploration and production operators. Headquartered in Midland, Texas, the company delivers a comprehensive suite of pressure pumping services designed to optimize reservoir stimulation and enhance hydrocarbon recovery. Its integrated approach encompasses well design, proppant selection, fluid systems and pressure management to support clients’ development targets across unconventional plays.

The company’s core offerings include high-pressure fracturing, coiled tubing, cementing, acidizing and flowback services, all supported by in-house logistics and digital monitoring tools.