Wedge Capital Management L L P NC Buys 35,193 Shares of ProPetro Holding Corp. (NYSE:PUMP)

Wedge Capital Management L L P NC lifted its stake in shares of ProPetro Holding Corp. (NYSE:PUMP) by 31.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 148,363 shares of the company’s stock after acquiring an additional 35,193 shares during the period. Wedge Capital Management L L P NC owned approximately 0.14% of ProPetro worth $1,090,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PUMP. GAMMA Investing LLC lifted its stake in ProPetro by 714.0% in the first quarter. GAMMA Investing LLC now owns 36,191 shares of the company’s stock worth $266,000 after purchasing an additional 31,745 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in ProPetro by 16.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 228,835 shares of the company’s stock worth $2,135,000 after purchasing an additional 32,710 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in ProPetro in the fourth quarter worth $533,000. Waverly Advisors LLC bought a new stake in ProPetro in the fourth quarter worth $115,000. Finally, Sourcerock Group LLC bought a new stake in ProPetro in the fourth quarter worth $14,079,000. 84.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Stifel Nicolaus decreased their price objective on shares of ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, April 30th. JPMorgan Chase & Co. decreased their price objective on shares of ProPetro from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 28th. Benchmark restated a “hold” rating on shares of ProPetro in a research report on Thursday, February 20th. Finally, Barclays decreased their price objective on shares of ProPetro from $12.00 to $11.00 and set an “overweight” rating on the stock in a research report on Monday, March 3rd. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, ProPetro currently has a consensus rating of “Hold” and a consensus price target of $9.75.

ProPetro Stock Up 1.9%

Shares of PUMP stock opened at $6.20 on Wednesday. ProPetro Holding Corp. has a 12 month low of $4.61 and a 12 month high of $11.17. The stock has a market cap of $643.72 million, a P/E ratio of -4.62 and a beta of 1.17. The company has a current ratio of 1.31, a quick ratio of 1.14 and a debt-to-equity ratio of 0.06. The company has a 50 day simple moving average of $5.46 and a two-hundred day simple moving average of $7.59.

ProPetro (NYSE:PUMP) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. The firm had revenue of $359.42 million during the quarter, compared to analysts’ expectations of $344.36 million. ProPetro had a negative net margin of 9.55% and a positive return on equity of 3.20%. The company’s revenue for the quarter was down 11.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.18 earnings per share. On average, research analysts expect that ProPetro Holding Corp. will post 0.25 earnings per share for the current year.

About ProPetro

ProPetro Holding Corp. operates as an integrated oilfield services company. The company provides hydraulic fracturing, wireline, cementing, and other complementary oilfield completion services to upstream oil and gas companies in the Permian Basin. ProPetro Holding Corp. was founded in 2007 and is headquartered in Midland, Texas.