Van ECK Associates Corp Reduces Stock Position in ProPetro Holding Corp. $PUMP

Van ECK Associates Corp reduced its stake in ProPetro Holding Corp. (NYSE:PUMP) by 11.4% in the second quarter, Holdings Channel.com reports. The fund owned 2,443,444 shares of the company’s stock after selling 315,539 shares during the period. Van ECK Associates Corp’s holdings in ProPetro were worth $35,039,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd bought a new stake in shares of ProPetro during the 4th quarter valued at $56,000. Dark Forest Capital Management LP bought a new position in ProPetro in the 3rd quarter worth about $57,000. Raymond James Financial Inc. purchased a new position in ProPetro during the 2nd quarter valued at about $60,000. Tower Research Capital LLC TRC grew its holdings in ProPetro by 70.5% during the 2nd 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 in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of ProPetro during the second quarter valued at about $74,000. 84.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PUMP shares. Odeon Capital Group began coverage on shares of ProPetro in a report on Thursday, May 28th. They issued 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. Citigroup decreased their target price on shares of ProPetro from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, August 3rd. The Goldman Sachs Group reiterated a “neutral” rating and issued a $16.00 target price on shares of ProPetro in a research note on Wednesday, June 3rd. Finally, Stifel Nicolaus reduced their price target on shares of ProPetro from $23.00 to $20.00 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 company’s stock. According to data from MarketBeat.com, ProPetro currently has an average rating of “Moderate Buy” and a consensus price target of $16.12.

ProPetro Stock Down 0.6%

Shares of NYSE:PUMP opened at $10.91 on Monday. ProPetro Holding Corp. has a 52-week low of $4.52 and a 52-week high of $18.50. The firm has a fifty day moving average of $12.28 and a 200 day moving average of $13.75. The firm has a market capitalization of $1.34 billion, a PE ratio of -99.18 and a beta of 0.77. The company has a debt-to-equity ratio of 0.80, a quick ratio of 4.00 and a current ratio of 4.09.

ProPetro (NYSE:PUMP) last released its quarterly earnings results on Wednesday, July 29th. The company reported ($0.07) earnings per share 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 firm had revenue of $305.81 million for the quarter, compared to analysts’ expectations of $304.48 million. During the same quarter in the previous year, the business earned ($0.07) EPS. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. As a group, research analysts anticipate that ProPetro Holding Corp. will post -0.09 EPS for the current fiscal year.

Insider Activity

In related news, COO Adam Munoz sold 70,696 shares of the business’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 sale, the chief operating officer owned 148,691 shares in the company, valued at $1,660,878.47. The trade was a 32.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director G Larry Lawrence sold 35,831 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $11.16, for a total value of $399,873.96. Following the completion of the sale, the director directly owned 28,181 shares of the company’s stock, valued at approximately $314,499.96. This represents a 55.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.55% of the stock is currently owned by corporate insiders.

ProPetro 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.