Hotchkis & Wiley Capital Management LLC Sells 517,920 Shares of ProPetro Holding Corp. $PUMP

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in ProPetro Holding Corp. by 32.1%, holding 1,097,420 shares worth approximately $8.07 million.
• A number of hedge funds, including Headlands Technologies LLC and Aigen Investment Management LP, purchased new stakes in ProPetro during the first quarter, indicating increased institutional interest.
• ProPetro reported a quarterly loss with an EPS of (0.07), falling short of analysts’ expectations of $0.03, while revenue also declined by 9.2% year-over-year.

Hotchkis & Wiley Capital Management LLC decreased its stake in shares of ProPetro Holding Corp. (NYSE:PUMP - Free Report) by 32.1% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,097,420 shares of the company's stock after selling 517,920 shares during the period. Hotchkis & Wiley Capital Management LLC owned 1.06% of ProPetro worth $8,066,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. MetLife Investment Management LLC lifted its holdings in ProPetro by 2.5% during the 4th quarter. MetLife Investment Management LLC now owns 52,933 shares of the company's stock worth $494,000 after purchasing an additional 1,270 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in ProPetro by 3.5% during the 1st quarter. Hsbc Holdings PLC now owns 49,858 shares of the company's stock worth $371,000 after purchasing an additional 1,675 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in ProPetro by 14.0% during the 1st quarter. New York State Common Retirement Fund now owns 26,796 shares of the company's stock worth $197,000 after purchasing an additional 3,298 shares in the last quarter. Mariner LLC lifted its holdings in ProPetro by 23.4% during the 4th quarter. Mariner LLC now owns 22,687 shares of the company's stock worth $212,000 after purchasing an additional 4,304 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in ProPetro during the 1st quarter worth about $32,000. Hedge funds and other institutional investors own 84.70% of the company's stock.

ProPetro Price Performance

NYSE PUMP traded up $0.08 during trading on Friday, reaching $5.11. The company's stock had a trading volume of 1,614,777 shares, compared to its average volume of 1,971,549. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.42 and a quick ratio of 1.35. The stock has a market capitalization of $530.77 million, a PE ratio of -3.47 and a beta of 1.18. The firm has a fifty day moving average of $5.56 and a 200 day moving average of $6.12. ProPetro Holding Corp. has a one year low of $4.51 and a one year high of $11.17.

ProPetro (NYSE:PUMP - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.10). The firm had revenue of $326.15 million for the quarter, compared to the consensus estimate of $331.26 million. ProPetro had a negative net margin of 11.10% and a positive return on equity of 1.84%. ProPetro's revenue for the quarter was down 9.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.03) earnings per share. Analysts expect that ProPetro Holding Corp. will post 0.25 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Stifel Nicolaus set a $10.00 target price on ProPetro and gave the stock a "buy" rating in a research note on Wednesday, July 16th. JPMorgan Chase & Co. decreased their target price on ProPetro from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 28th. Finally, Piper Sandler decreased their target price on ProPetro from $7.00 to $6.00 and set a "neutral" rating on the stock in a research note on Thursday, August 14th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $8.80.

ProPetro Company Profile

ProPetro Holding Corp. operates as an integrated oilfield services company. The company provides hydraulic fracturing, wireline, cementing, and other complementary oilfield completion services to upstream oil and gas companies in the Permian Basin. ProPetro Holding Corp. was founded in 2007 and is headquartered in Midland, Texas.