Manatuck Hill Partners LLC Makes New $5.02 Million Investment in ProPetro Holding Corp. $PUMP

Key Points

• Manatuck Hill Partners acquired 350,000 ProPetro shares worth approximately $5.02 million, representing about 0.28% of the company and 1.7% of the fund’s portfolio. Institutional investors collectively own 84.7% of ProPetro.
• Analyst sentiment remains moderately bullish, with eight Buy ratings, two Holds and one Sell; the consensus price target is $16.50. However, Stifel and Barclays recently lowered their targets to $20 and $18, respectively.
• ProPetro reported a quarterly EPS loss of $0.07, missing estimates by $0.06, while revenue declined 6.3% year over year to $305.81 million. Two insiders also sold a combined 106,527 shares in August.

Manatuck Hill Partners LLC acquired a new stake in shares of ProPetro Holding Corp. (NYSE:PUMP - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 350,000 shares of the company's stock, valued at approximately $5,019,000. ProPetro makes up 1.7% of Manatuck Hill Partners LLC's investment portfolio, making the stock its 16th largest position. Manatuck Hill Partners LLC owned approximately 0.28% of ProPetro at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Aster Capital Management DIFC Ltd bought a new stake in ProPetro during the 4th quarter worth approximately $56,000. Dark Forest Capital Management LP bought a new position in ProPetro in the third quarter valued at approximately $57,000. Raymond James Financial Inc. bought a new position in ProPetro in the second quarter valued at approximately $60,000. Tower Research Capital LLC TRC boosted its holdings in shares of ProPetro by 70.5% in 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 period. Finally, State of Wyoming bought a new stake in shares of ProPetro during the first quarter worth $83,000. Institutional investors own 84.70% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Stifel Nicolaus dropped their price objective on shares of ProPetro from $23.00 to $20.00 and set a "buy" rating on the stock in a report on Monday, August 3rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of ProPetro in a report on Friday, July 31st. Barclays dropped their price target on ProPetro from $23.00 to $18.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 5th. The Goldman Sachs Group restated a "neutral" rating and issued a $16.00 price target on shares of ProPetro in a report on Wednesday, June 3rd. Finally, Odeon Capital Group began coverage on ProPetro in a research report on Thursday, May 28th. They set a "buy" rating for the company. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $16.50.

Insider Transactions at ProPetro

In related news, Director G Larry Lawrence sold 35,831 shares of ProPetro stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $11.16, for a total value of $399,873.96. Following the sale, the director owned 28,181 shares of the company's stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Adam Munoz sold 70,696 shares of ProPetro stock in a transaction dated 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 sale, the chief operating officer directly owned 148,691 shares in the company, valued at approximately $1,660,878.47. This represents a 32.22% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.55% of the company's stock.

ProPetro Stock Performance

Shares of PUMP stock opened at $10.62 on Wednesday. ProPetro Holding Corp. has a 12 month low of $4.52 and a 12 month high of $18.50. The company's fifty day simple moving average is $12.52 and its 200-day simple moving average is $13.76. The firm has a market cap of $1.30 billion, a PE ratio of -96.56 and a beta of 0.77. The company has a quick ratio of 4.00, a current ratio of 4.09 and a debt-to-equity ratio of 0.80.

ProPetro (NYSE:PUMP - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported ($0.07) earnings per share 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 business had revenue of $305.81 million during the quarter, compared to the consensus estimate of $304.48 million. During the same period last year, the business posted ($0.07) EPS. The firm's revenue for the quarter was down 6.3% on a year-over-year basis. Equities research analysts expect that ProPetro Holding Corp. will post -0.09 EPS for the current fiscal 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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