Bank of America Corp DE Acquires 858,762 Shares of ProPetro Holding Corp. $PUMP

Key Points

• Bank of America acquired 858,762 ProPetro shares during the second quarter, worth approximately $12.3 million and representing about 0.70% of the company. Institutional investors collectively own 84.7% of ProPetro.
• Analysts maintain a generally positive outlook, with eight Buy, three Hold, and one Sell rating; the stock carries a “Moderate Buy” consensus and an average price target of $15.78.
• ProPetro reported a quarterly loss of $0.07 per share, missing estimates by $0.06, while revenue declined 6.3% year over year to $305.8 million. Shares opened at $9.61, well below the 52-week high of $18.50.

Bank of America Corp DE purchased a new position in shares of ProPetro Holding Corp. (NYSE:PUMP - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 858,762 shares of the company's stock, valued at approximately $12,315,000. Bank of America Corp DE owned approximately 0.70% of ProPetro at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of ProPetro during the second quarter worth $130,574,000. Dimensional Fund Advisors LP raised its holdings in ProPetro by 14.7% during the first quarter. Dimensional Fund Advisors LP now owns 6,481,970 shares of the company's stock worth $93,408,000 after buying an additional 831,823 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in ProPetro by 10.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,449,379 shares of the company's stock valued at $49,706,000 after purchasing an additional 316,022 shares during the last quarter. Cooper Creek Partners Management LLC bought a new stake in ProPetro during the first quarter worth $42,748,000. Finally, Fund 1 Investments LLC raised its holdings in shares of ProPetro by 2,653.6% in the second quarter. Fund 1 Investments LLC now owns 1,793,882 shares of the company's stock valued at $25,724,000 after purchasing an additional 1,728,736 shares during the last quarter. Institutional investors own 84.70% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on PUMP shares. Barclays reduced their price objective on 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 price target on shares of ProPetro from $20.00 to $16.00 and set a "buy" rating for the company in a research note on Monday, August 3rd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of ProPetro in a report on Friday, July 31st. Morgan Stanley started coverage on ProPetro in a research note on Monday, September 14th. They issued an "equal weight" rating and a $13.00 price objective on the stock. Finally, Stifel Nicolaus reduced their price objective on ProPetro from $23.00 to $20.00 and set a "buy" rating for the company in a report on Monday, August 3rd. Eight analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $15.78.

Insider Transactions at ProPetro

In other ProPetro news, Director G 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 owned 28,181 shares of the company's stock, valued at $314,499.96. This represents a 55.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Adam Muñoz sold 70,696 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $11.17, for a total transaction of $789,674.32. Following the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.55% of the stock is currently owned by corporate insiders.

ProPetro Trading Up 0.9%

Shares of ProPetro stock opened at $9.61 on Friday. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.09 and a quick ratio of 4.00. ProPetro Holding Corp. has a 1 year low of $4.87 and a 1 year high of $18.50. The firm has a market cap of $1.18 billion, a PE ratio of -87.39 and a beta of 0.77. The company has a 50 day simple moving average of $11.23 and a two-hundred day simple moving average of $13.60.

ProPetro (NYSE:PUMP - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $305.81 million for the quarter, compared to analysts' expectations of $304.48 million. During the same quarter last year, the business posted ($0.07) EPS. The business's quarterly revenue was down 6.3% compared to the same quarter last year. Analysts expect that ProPetro Holding Corp. will post -0.11 earnings per share for the current fiscal year.

ProPetro Profile

ProPetro Holding Corp. is an oilfield services company that provides completion and production services to exploration and production companies developing unconventional oil and natural gas wells. The company primarily serves customers in the Permian Basin, including the Midland and Delaware basins of West Texas and southeastern New Mexico.

Its principal services include hydraulic fracturing, which uses high-pressure fluid to stimulate wells, as well as wireline services used for well evaluation, perforating and other completion activities.

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