ProPetro Sees Unusually Large Options Volume (NYSE:PUMP)

ProPetro Holding Corp. (NYSE:PUMP) saw unusually large options trading activity on Wednesday. Investors bought 6,045 put options on the stock. This is an increase of 607% compared to the average volume of 855 put options.

Institutional Investors Weigh In On ProPetro

Several hedge funds and other institutional investors have recently bought and sold shares of PUMP. Valiant Capital Management L.P. bought a new position in shares of ProPetro during the 4th quarter worth about $34,890,000. Sourcerock Group LLC raised its stake in ProPetro by 66.4% during the 2nd quarter. Sourcerock Group LLC now owns 8,408,391 shares of the company’s stock worth $50,198,000 after buying an additional 3,355,848 shares during the period. VR Advisory Services Ltd boosted its holdings in ProPetro by 213.2% in the third quarter. VR Advisory Services Ltd now owns 3,679,359 shares of the company’s stock worth $19,280,000 after acquiring an additional 2,504,634 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in ProPetro by 209.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,704,145 shares of the company’s stock valued at $14,170,000 after acquiring an additional 1,830,399 shares during the period. Finally, Millennium Management LLC grew its stake in ProPetro by 382.7% in the third quarter. Millennium Management LLC now owns 2,215,896 shares of the company’s stock valued at $11,611,000 after acquiring an additional 1,756,812 shares during the period. 84.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

ProPetro Trading Up 1.2%

ProPetro stock traded up $0.15 during mid-day trading on Wednesday, hitting $12.35. 939,301 shares of the stock were exchanged, compared to its average volume of 3,030,613. ProPetro has a 12 month low of $4.51 and a 12 month high of $13.25. The company has a quick ratio of 1.24, a current ratio of 1.29 and a debt-to-equity ratio of 0.13. The firm’s fifty day simple moving average is $11.06 and its two-hundred day simple moving average is $8.82. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 1,235.90 and a beta of 0.70.

ProPetro (NYSE:PUMP) last issued its quarterly earnings results on Wednesday, February 18th. The company reported $0.01 earnings per share for the quarter, topping 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 the consensus estimate of $279.90 million. During the same period last year, the business posted ($0.17) EPS. The business’s revenue was down 9.6% compared to the same quarter last year. Analysts forecast that ProPetro 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.