Nuveen LLC Takes Position in ProPetro Holding Corp. $PUMP

Key Points

• Nuveen LLC acquired a new stake in ProPetro Holding Corp., purchasing 1,599,533 shares valued at approximately $11.76 million, representing 1.54% ownership of the company.
• ProPetro reported a loss of $0.07 EPS for the latest quarter, missing expectations, with a revenue of $326.15 million, down 9.2% from the same period last year.
• JPMorgan and Piper Sandler both lowered their target prices for ProPetro, with JPMorgan setting a new target at $7.00, indicating a neutral rating amidst a current average target price of $8.80 from analysts.

Nuveen LLC bought a new stake in ProPetro Holding Corp. (NYSE:PUMP - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,599,533 shares of the company's stock, valued at approximately $11,757,000. Nuveen LLC owned about 1.54% of ProPetro at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Headlands Technologies LLC bought a new position in shares of ProPetro in the first quarter valued at approximately $32,000. Raymond James Financial Inc. acquired a new stake in shares of ProPetro in the fourth quarter valued at approximately $94,000. Tower Research Capital LLC TRC raised its position in ProPetro by 101.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,452 shares of the company's stock worth $98,000 after purchasing an additional 5,270 shares during the last quarter. Aigen Investment Management LP bought a new position in ProPetro in the 1st quarter worth approximately $80,000. Finally, Syon Capital LLC bought a new position in ProPetro in the 4th quarter worth approximately $108,000. Institutional investors own 84.70% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Stifel Nicolaus set a $10.00 price objective on shares of ProPetro and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Piper Sandler dropped their price objective on shares of ProPetro from $7.00 to $6.00 and set a "neutral" rating for the company in a research report on Thursday, August 14th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of ProPetro from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, ProPetro currently has an average rating of "Hold" and a consensus price target of $8.80.

ProPetro Trading Up 2.6%

PUMP traded up $0.13 during trading on Thursday, reaching $5.03. 1,529,965 shares of the company's stock were exchanged, compared to its average volume of 2,108,261. The company's fifty day moving average price is $5.59 and its 200-day moving average price is $6.17. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.35 and a current ratio of 1.42. ProPetro Holding Corp. has a fifty-two week low of $4.51 and a fifty-two week high of $11.17. The firm has a market capitalization of $522.45 million, a PE ratio of -3.42 and a beta of 1.18.

ProPetro (NYSE:PUMP - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported ($0.07) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.10). ProPetro had a positive return on equity of 1.84% and a negative net margin of 11.10%.The business had revenue of $326.15 million for the quarter, compared to analyst estimates of $331.26 million. During the same period in the prior year, the firm posted ($0.03) EPS. ProPetro's revenue was down 9.2% on a year-over-year basis. As a group, equities analysts forecast that ProPetro Holding Corp. will post 0.25 EPS for the current year.

About ProPetro

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.