Wellington Management Group LLP Raises Stake in ProPetro Holding Corp. $PUMP

Wellington Management Group LLP boosted its holdings in ProPetro Holding Corp. (NYSE:PUMP) by 882.3% during the second quarter, Holdings Channel.com reports. The firm owned 2,290,361 shares of the company’s stock after acquiring an additional 2,057,195 shares during the quarter. Wellington Management Group LLP’s holdings in ProPetro were worth $32,844,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Public Employees Retirement System of Ohio bought a new stake in shares of ProPetro in the 2nd quarter worth approximately $74,000. State of Wyoming purchased a new stake in shares of ProPetro in the 1st quarter worth approximately $83,000. Aster Capital Management DIFC Ltd bought a new position in ProPetro during the 4th quarter valued at approximately $56,000. Raymond James Financial Inc. purchased a new position in ProPetro during the second quarter valued at $60,000. Finally, Tower Research Capital LLC TRC raised its stake in ProPetro by 70.5% during the second quarter. Tower Research Capital LLC TRC now owns 10,789 shares of the company’s stock valued at $64,000 after buying an additional 4,461 shares during the last quarter. Institutional investors own 84.70% of the company’s stock.

ProPetro Price Performance

Shares of NYSE:PUMP opened at $11.49 on Friday. ProPetro Holding Corp. has a fifty-two week low of $4.52 and a fifty-two week high of $18.50. The business has a 50-day simple moving average of $11.95 and a two-hundred day simple moving average of $13.73. The company has a debt-to-equity ratio of 0.80, a quick ratio of 4.00 and a current ratio of 4.09. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of -104.45 and a beta of 0.77.

ProPetro (NYSE:PUMP) last announced its quarterly earnings results on Wednesday, July 29th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). ProPetro had a negative net margin of 1.15% and a negative return on equity of 1.49%. The company had revenue of $305.81 million for the quarter, compared to analysts’ expectations of $304.48 million. During the same period in the previous year, the business earned ($0.07) EPS. The business’s revenue was down 6.3% compared to the same quarter last year. On average, analysts expect that ProPetro Holding Corp. will post -0.09 earnings per share for the current year.

Insider Buying and Selling

In other ProPetro news, Director G Lawrence sold 35,831 shares of ProPetro stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $11.16, for a total value of $399,873.96. Following the completion of the sale, the director owned 28,181 shares of the company’s stock, valued at approximately $314,499.96. The trade was a 55.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Adam Muñoz sold 70,696 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $11.17, for a total transaction of $789,674.32. Following the sale, the chief operating officer owned 148,691 shares of the company’s stock, valued at approximately $1,660,878.47. This represents a 32.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.55% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PUMP has been the topic of a number of recent research reports. Piper Sandler cut their target price on ProPetro from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Thursday, August 27th. Odeon Capital Group assumed coverage on shares of ProPetro in a research report on Thursday, May 28th. They set a “buy” rating on the stock. Barclays reduced their price objective on shares of ProPetro from $23.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, August 5th. Wall Street Zen downgraded shares of ProPetro from a “hold” rating to a “sell” rating in a research note on Saturday, August 29th. Finally, Stifel Nicolaus cut their price target on shares of ProPetro from $23.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 3rd. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.12.

About ProPetro

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.