Connor Clark & Lunn Investment Management Ltd. Makes New $9.41 Million Investment in ProPetro Holding Corp. $PUMP

Key Points

• Connor Clark & Lunn Investment Management acquired 655,941 ProPetro shares worth approximately $9.41 million, while institutional investors collectively own 84.7% of the company.
• ProPetro reported a quarterly loss of $0.07 per share, missing estimates by $0.06, as revenue declined 6.3% year over year to $305.8 million.
• Shares recently traded at $10.59, while analysts maintained a consensus “Moderate Buy” rating with an average price target of $16.50; two company insiders also sold shares in August.

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of ProPetro Holding Corp. (NYSE:PUMP - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 655,941 shares of the company's stock, valued at approximately $9,406,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.53% of ProPetro as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Assenagon Asset Management S.A. acquired a new stake in shares of ProPetro in the 2nd quarter worth $18,700,000. Y Intercept Hong Kong Ltd acquired a new position in shares of ProPetro during the 1st quarter valued at about $2,045,000. Jefferies Financial Group Inc. purchased a new stake in shares of ProPetro in the fourth quarter valued at about $3,085,000. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of ProPetro by 561.4% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,653,600 shares of the company's stock valued at $23,828,000 after purchasing an additional 1,403,600 shares during the period. Finally, Sei Investments Co. increased its position in ProPetro by 113.7% during the first quarter. Sei Investments Co. now owns 534,059 shares of the company's stock worth $7,696,000 after purchasing an additional 284,109 shares during the last quarter. 84.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ProPetro

In other ProPetro news, COO Adam Munoz sold 70,696 shares of the company's stock in a transaction 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 transaction, the chief operating officer directly owned 148,691 shares in the company, valued at $1,660,878.47. This represents a 32.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director G Larry Lawrence sold 35,831 shares of the firm's stock in a transaction 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 transaction, the director owned 28,181 shares of the company's stock, valued at approximately $314,499.96. This represents a 55.98% 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 company insiders.

ProPetro Trading Down 0.1%

Shares of PUMP stock opened at $10.59 on Thursday. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.09 and a quick ratio of 4.00. The firm has a market cap of $1.30 billion, a PE ratio of -96.27 and a beta of 0.77. The company has a 50-day moving average of $12.43 and a two-hundred day moving average of $13.76. ProPetro Holding Corp. has a 1-year low of $4.52 and a 1-year high of $18.50.

ProPetro (NYSE:PUMP - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $304.48 million. During the same period last year, the firm posted ($0.07) earnings per share. ProPetro's revenue was down 6.3% on a year-over-year basis. On average, analysts predict that ProPetro Holding Corp. will post -0.09 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on PUMP. Barclays decreased their target price on shares of ProPetro from $23.00 to $18.00 and set an "overweight" rating on the stock in a report on Wednesday, August 5th. The Goldman Sachs Group restated a "neutral" rating and set a $16.00 price target on shares of ProPetro in a report on Wednesday, June 3rd. Stifel Nicolaus decreased their price objective on ProPetro from $23.00 to $20.00 and set a "buy" rating on the stock in a report on Monday, August 3rd. Citigroup lowered their price objective on ProPetro from $20.00 to $16.00 and set a "buy" rating for the company in a research report on Monday, August 3rd. Finally, Odeon Capital Group started coverage on ProPetro in a research note on Thursday, May 28th. They set a "buy" rating for the company. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $16.50.

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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