ProPetro Holding Corp. $PUMP Shares Purchased by AlphaQuest LLC

Key Points

• AlphaQuest LLC has significantly increased its stake in ProPetro Holding Corp. by 1,959.9%, now owning 66,122 shares valued at approximately $486,000.
• ProPetro's stock currently holds a consensus rating of "Hold" with a price target averaging $8.80, despite recent performance indicating a 9.2% decline in year-over-year revenue.
• The company's last quarterly earnings report indicated a loss of ($0.07) per share, missing analyst expectations, with revenues also falling short of estimates at $326.15 million.

AlphaQuest LLC boosted its holdings in shares of ProPetro Holding Corp. (NYSE:PUMP - Free Report) by 1,959.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,122 shares of the company's stock after acquiring an additional 62,912 shares during the period. AlphaQuest LLC owned 0.06% of ProPetro worth $486,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in PUMP. Wells Fargo & Company MN grew its stake in shares of ProPetro by 82.9% in the 4th quarter. Wells Fargo & Company MN now owns 76,870 shares of the company's stock valued at $717,000 after buying an additional 34,831 shares during the period. Raymond James Financial Inc. acquired a new stake in ProPetro during the 4th quarter worth approximately $94,000. Mariner LLC lifted its holdings in ProPetro by 23.4% during the 4th quarter. Mariner LLC now owns 22,687 shares of the company's stock worth $212,000 after buying an additional 4,304 shares in the last quarter. Marshall Wace LLP acquired a new stake in ProPetro during the 4th quarter worth approximately $502,000. Finally, MetLife Investment Management LLC raised its holdings in shares of ProPetro by 2.5% in the 4th quarter. MetLife Investment Management LLC now owns 52,933 shares of the company's stock valued at $494,000 after purchasing an additional 1,270 shares in the last quarter. Hedge funds and other institutional investors own 84.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on PUMP shares. Stifel Nicolaus set a $10.00 price objective on shares of ProPetro and gave the stock a "buy" rating in a report on Wednesday, July 16th. Piper Sandler cut their target price on shares of ProPetro from $7.00 to $6.00 and set a "neutral" rating for the company in a research report on Thursday, August 14th. Finally, JPMorgan Chase & Co. cut their target price on shares of ProPetro from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $8.80.

ProPetro Stock Up 1.5%

PUMP traded up $0.08 during trading on Monday, hitting $5.11. The company had a trading volume of 1,614,777 shares, compared to its average volume of 1,901,111. The company has a market cap of $530.77 million, a PE ratio of -3.47 and a beta of 1.13. The business has a 50-day moving average of $5.54 and a 200-day moving average of $6.08. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.42 and a quick ratio of 1.35. ProPetro Holding Corp. has a 1-year low of $4.51 and a 1-year high of $11.17.

ProPetro (NYSE:PUMP - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported ($0.07) earnings per share (EPS) 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 analyst estimates of $331.26 million. ProPetro had a negative net margin of 11.10% and a positive return on equity of 1.84%. The company's revenue was down 9.2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.03) earnings per share. As a group, analysts forecast 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.