Engineers Gate Manager LP Has $4.27 Million Stock Holdings in ProPetro Holding Corp. $PUMP

Key Points

• Engineers Gate Manager LP increased its ProPetro stake by 477.9% in the second quarter, acquiring 246,278 additional shares for a total holding valued at $4.27 million. Institutional investors collectively own 84.7% of PUMP.
• ProPetro reported a quarterly loss of $0.07 per share, missing estimates by $0.06, while revenue reached $305.81 million, down 6.3% year over year. Analysts expect a full-year loss of approximately $0.10 per share.
• Shares opened at $11.41, below the consensus analyst target of $16.12; the stock carries a “Moderate Buy” consensus rating. Two company insiders also sold a combined 106,527 shares in August.

Engineers Gate Manager LP lifted its holdings in shares of ProPetro Holding Corp. (NYSE:PUMP - Free Report) by 477.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 297,809 shares of the company's stock after purchasing an additional 246,278 shares during the period. Engineers Gate Manager LP owned 0.24% of ProPetro worth $4,271,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new stake in shares of ProPetro in the 4th quarter valued at $56,000. Dark Forest Capital Management LP bought a new position in ProPetro in the third quarter worth approximately $57,000. Raymond James Financial Inc. bought a new position in shares of ProPetro in the 2nd quarter worth $60,000. Tower Research Capital LLC TRC grew its holdings in shares of ProPetro by 70.5% during the second 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 last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in ProPetro during the 2nd quarter valued at about $74,000. 84.70% of the stock is currently owned by institutional investors.

ProPetro Price Performance

PUMP opened at $11.41 on Friday. The firm has a 50-day moving average price of $11.79 and a 200-day moving average price of $13.74. ProPetro Holding Corp. has a twelve month low of $4.64 and a twelve month high of $18.50. The company has a quick ratio of 4.00, a current ratio of 4.09 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of -103.69 and a beta of 0.77.

ProPetro (NYSE:PUMP - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported ($0.07) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.06). The business had revenue of $305.81 million for the quarter, compared to analysts' expectations of $304.48 million. ProPetro had a negative net margin of 1.15% and a negative return on equity of 1.49%. The business's quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.07) earnings per share. Equities analysts expect that ProPetro Holding Corp. will post -0.1 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Stifel Nicolaus decreased their price target on ProPetro from $23.00 to $20.00 and set a "buy" rating for the company in a report on Monday, August 3rd. Wall Street Zen downgraded shares of ProPetro from a "hold" rating to a "sell" rating in a report on Saturday, August 29th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $16.00 target price on shares of ProPetro in a research note on Wednesday, June 3rd. Odeon Capital Group initiated coverage on shares of ProPetro in a research report on Thursday, May 28th. They set a "buy" rating on the stock. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of ProPetro in a report on Friday, July 31st. Eight 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. Based on data from MarketBeat.com, ProPetro has a consensus rating of "Moderate Buy" and a consensus target price of $16.12.

Insiders Place Their Bets

In other news, Director G 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 completion of the transaction, the director directly owned 28,181 shares of the company's stock, valued at $314,499.96. This trade represents a 55.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Adam Muñoz sold 70,696 shares of ProPetro stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $11.17, for a total value of $789,674.32. Following the completion of the transaction, the chief operating officer owned 148,691 shares of the company's stock, valued at approximately $1,660,878.47. This trade represents a 32.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.55% of the company's stock.

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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