Cubist Systematic Strategies LLC Buys Shares of 455,571 ProPetro Holding Corp. $PUMP

Key Points

• Cubist Systematic Strategies LLC acquired a significant stake in ProPetro Holding Corp., purchasing 455,571 shares valued at approximately $3.3 million, representing 0.44% of the company.
• ProPetro has received mixed ratings from analysts, with Zacks downgrading it to a "strong sell" and Stifel Nicolaus giving it a "buy" rating and a target price of $10.00, while the average consensus target price stands at $8.80.
• The company's stock is currently trading at $4.76, having seen a 9.2% decrease in revenue year-over-year, and it reported a loss of ($0.07) earnings per share in its last quarterly results.

Cubist Systematic Strategies LLC purchased a new stake in ProPetro Holding Corp. (NYSE:PUMP - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 455,571 shares of the company's stock, valued at approximately $3,348,000. Cubist Systematic Strategies LLC owned 0.44% of ProPetro at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of PUMP. Quarry LP acquired a new position in shares of ProPetro in the 1st quarter worth approximately $25,000. State of Wyoming bought a new position in shares of ProPetro in the first quarter valued at about $48,000. Trexquant Investment LP bought a new stake in shares of ProPetro during the first quarter valued at approximately $118,000. AlphaQuest LLC boosted its position in ProPetro by 1,959.9% in the 1st quarter. AlphaQuest LLC now owns 66,122 shares of the company's stock valued at $486,000 after buying an additional 62,912 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its stake in shares of ProPetro by 3.5% in the 1st quarter. Hsbc Holdings PLC now owns 49,858 shares of the company's stock valued at $371,000 after purchasing an additional 1,675 shares during the last quarter. 84.70% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on PUMP shares. Zacks Research lowered shares of ProPetro from a "hold" rating to a "strong sell" rating in a research note on Monday, September 1st. JPMorgan Chase & Co. dropped their price objective on ProPetro from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 28th. Piper Sandler lowered their target price on ProPetro from $7.00 to $6.00 and set a "neutral" rating on the stock in a research note on Thursday, August 14th. Stifel Nicolaus set a $10.00 target price on shares of ProPetro and gave the stock a "buy" rating in a report on Wednesday, July 16th. Finally, Citigroup reduced their price target on shares of ProPetro from $6.50 to $5.00 and set a "neutral" rating on the stock in a research report on Tuesday. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $7.80.

ProPetro Stock Performance

ProPetro stock traded up $0.01 during trading on Thursday, hitting $4.87. The stock had a trading volume of 2,571,576 shares, compared to its average volume of 1,864,593. The company has a quick ratio of 1.35, a current ratio of 1.42 and a debt-to-equity ratio of 0.07. The stock has a market cap of $506.33 million, a price-to-earnings ratio of -3.31 and a beta of 1.13. ProPetro Holding Corp. has a 1 year low of $4.51 and a 1 year high of $11.17. The stock's 50 day moving average is $5.33 and its two-hundred day moving average is $5.89.

ProPetro (NYSE:PUMP - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.10). The company had revenue of $326.15 million during the quarter, compared to analysts' expectations of $331.26 million. ProPetro had a negative net margin of 11.10% and a positive return on equity of 1.84%. ProPetro's revenue for the quarter was down 9.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.03) earnings per share. As a group, analysts predict that ProPetro Holding Corp. will post 0.25 EPS for the current year.

ProPetro Profile

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.