Empowered Funds LLC acquired a new stake in ProPetro Holding Corp. (NYSE:PUMP – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,014,148 shares of the company’s stock, valued at approximately $14,543,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio purchased a new stake in shares of ProPetro during the 2nd quarter worth approximately $74,000. State of Wyoming acquired a new position in ProPetro during the first quarter worth $83,000. Aster Capital Management DIFC Ltd acquired a new position in ProPetro during the fourth quarter worth $56,000. Raymond James Financial Inc. purchased a new stake in ProPetro during the second quarter worth $60,000. Finally, Tower Research Capital LLC TRC grew its holdings in ProPetro by 70.5% in the second quarter. Tower Research Capital LLC TRC now owns 10,789 shares of the company’s stock valued at $64,000 after purchasing an additional 4,461 shares during the last quarter. Institutional investors and hedge funds own 84.70% of the company’s stock.
Insider Buying and Selling
In other ProPetro news, COO Adam Munoz sold 70,696 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $11.17, for a total value of $789,674.32. Following the completion of the transaction, the chief operating officer owned 148,691 shares in the company, valued at $1,660,878.47. This represents a 32.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director G Larry 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 transaction of $399,873.96. Following the sale, the director owned 28,181 shares in the company, valued at $314,499.96. This represents a 55.98% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.55% of the stock is owned by corporate insiders.
ProPetro Stock Down 2.4%
ProPetro (NYSE:PUMP – Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). ProPetro had a negative return on equity of 1.49% and a negative net margin of 1.15%.The firm had revenue of $305.81 million during the quarter, compared to analysts’ expectations of $304.48 million. During the same quarter last year, the business earned ($0.07) earnings per share. The business’s revenue for the quarter was down 6.3% compared to the same quarter last year. Analysts forecast that ProPetro Holding Corp. will post -0.09 earnings per share for the current year.
Analyst Ratings Changes
A number of brokerages recently commented on PUMP. Stifel Nicolaus lowered their price objective on shares of ProPetro from $23.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, August 3rd. Barclays reduced their price target on shares of ProPetro from $23.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, August 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProPetro in a research report on Friday, July 31st. Piper Sandler dropped their price objective on shares of ProPetro from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Citigroup cut their price objective on ProPetro from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, ProPetro currently has an average rating of “Moderate Buy” and a consensus target price of $16.12.
Check Out Our Latest Stock Analysis on PUMP
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.
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