Bank of New York Mellon Corp Purchases Shares of 305,455 ProPetro Holding Corp. $PUMP

Key Points

• Bank of New York Mellon acquired 305,455 ProPetro shares worth approximately $4.38 million, giving it a 0.25% stake. Institutional investors collectively own 84.70% of the company.
• ProPetro insiders recently sold shares, including a director’s sale of 35,831 shares and the COO’s sale of 70,696 shares. Corporate insiders now own 1.55% of the stock.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $16.12, although several firms recently lowered their targets. ProPetro’s latest quarterly results missed EPS expectations, while revenue declined 6.3% year over year.

Bank of New York Mellon Corp purchased a new position in shares of ProPetro Holding Corp. (NYSE:PUMP - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 305,455 shares of the company's stock, valued at approximately $4,380,000. Bank of New York Mellon Corp owned approximately 0.25% of ProPetro as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Aster Capital Management DIFC Ltd acquired a new stake in ProPetro in the fourth quarter worth $56,000. Dark Forest Capital Management LP bought a new position in shares of ProPetro during the 3rd quarter worth about $57,000. Raymond James Financial Inc. acquired a new stake in shares of ProPetro in the 2nd quarter valued at about $60,000. Tower Research Capital LLC TRC grew its stake in shares of ProPetro by 70.5% in 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 during the period. Finally, State of Wyoming bought a new stake in ProPetro in the 1st quarter valued at about $83,000. Institutional investors and hedge funds own 84.70% of the company's stock.

Insider Activity

In related news, Director G Lawrence sold 35,831 shares of the business's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $11.16, for a total transaction of $399,873.96. Following the transaction, the director directly owned 28,181 shares in the company, valued at approximately $314,499.96. The trade was a 55.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Adam Muñoz sold 70,696 shares of the company's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $11.17, for a total transaction of $789,674.32. Following the completion of the sale, the chief operating officer directly owned 148,691 shares of the company's stock, valued at $1,660,878.47. The trade was a 32.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.55% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PUMP. Stifel Nicolaus dropped their price target on ProPetro from $23.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, August 3rd. Piper Sandler reduced their price objective on ProPetro from $18.00 to $15.00 and set an "overweight" rating for the company in a research note on Thursday, August 27th. Weiss Ratings restated a "sell (d-)" rating on shares of ProPetro in a report on Friday, July 31st. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $16.00 target price on shares of ProPetro in a research report on Wednesday, June 3rd. Finally, Odeon Capital Group began coverage on ProPetro in a report on Thursday, May 28th. They issued a "buy" rating on the stock. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $16.12.

ProPetro Trading Up 2.2%

Shares of ProPetro stock opened at $11.49 on Friday. The company has a market capitalization of $1.41 billion, a P/E ratio of -104.45 and a beta of 0.77. The stock has a fifty day simple moving average of $11.95 and a 200 day simple moving average of $13.73. ProPetro Holding Corp. has a 12-month low of $4.52 and a 12-month high of $18.50. The company has a current ratio of 4.09, a quick ratio of 4.00 and a debt-to-equity ratio of 0.80.

ProPetro (NYSE:PUMP - Get Free Report) last issued 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). The company had revenue of $305.81 million for the quarter, compared to the consensus estimate of $304.48 million. ProPetro had a negative net margin of 1.15% and a negative return on equity of 1.49%. ProPetro's revenue was down 6.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.07) earnings per share. On average, sell-side analysts anticipate that ProPetro Holding Corp. will post -0.09 earnings per share for the current fiscal year.

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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