BlackRock Inc. Invests $130.57 Million in ProPetro Holding Corp. $PUMP

Key Points

• BlackRock acquired 9.1 million ProPetro shares worth approximately $130.6 million, giving it a 7.41% stake. Institutional investors and hedge funds collectively own 84.70% of PUMP.
• ProPetro insiders recently sold shares: the COO reduced his holdings by 32.22%, while a director cut his ownership by 55.98%. Insiders now own just 1.55% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $16.12, despite recent target reductions and ProPetro’s quarterly EPS miss.

BlackRock Inc. bought a new position in ProPetro Holding Corp. (NYSE:PUMP - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,105,609 shares of the company's stock, valued at approximately $130,574,000. BlackRock Inc. owned about 7.41% of ProPetro at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of ProPetro by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,534 shares of the company's stock valued at $379,000 after acquiring an additional 2,230 shares during the last quarter. Millennium Management LLC grew its stake in shares of ProPetro by 44.6% in the first quarter. Millennium Management LLC now owns 735,731 shares of the company's stock worth $5,408,000 after purchasing an additional 226,914 shares during the last quarter. Jones Financial Companies Lllp grew its stake in shares of ProPetro by 16,264.8% in the first quarter. Jones Financial Companies Lllp now owns 27,002 shares of the company's stock worth $198,000 after purchasing an additional 26,837 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in ProPetro by 3.7% in the first quarter. Goldman Sachs Group Inc. now owns 609,935 shares of the company's stock valued at $4,483,000 after purchasing an additional 21,519 shares during the period. Finally, Caxton Associates LLP bought a new position in ProPetro during the 1st quarter worth $272,000. 84.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at ProPetro

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of ProPetro in a report on Friday, July 31st. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $16.00 price target on shares of ProPetro in a research report on Wednesday, June 3rd. Citigroup decreased their price objective on ProPetro from $20.00 to $16.00 and set a "buy" rating for the company in a report on Monday, August 3rd. Stifel Nicolaus lowered their price objective on ProPetro from $23.00 to $20.00 and set a "buy" rating for the company in a research note on Monday, August 3rd. Finally, Barclays dropped their target price on ProPetro from $23.00 to $18.00 and set an "overweight" rating on the stock in a report on Wednesday, August 5th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $16.12.

ProPetro Price Performance

PUMP opened at $10.91 on Friday. The stock's 50 day moving average price is $12.28 and its 200-day moving average price is $13.74. The stock 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 Holding Corp. has a 52-week low of $4.52 and a 52-week high of $18.50.

ProPetro (NYSE:PUMP - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $305.81 million during the quarter, compared to analysts' expectations of $304.48 million. ProPetro had a negative return on equity of 1.49% and a negative net margin of 1.15%.The firm's revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.07) EPS. On average, equities research analysts predict that ProPetro Holding Corp. will post -0.09 EPS for the current year.

About ProPetro

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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