Nuveen LLC Takes $11.76 Million 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 acquired a new stake in ProPetro Holding Corp. (NYSE:PUMP - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,599,533 shares of the company's stock, valued at approximately $11,757,000. Nuveen LLC owned approximately 1.54% of ProPetro at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the business. Headlands Technologies LLC purchased a new stake in shares of ProPetro during the 1st quarter worth approximately $32,000. Aigen Investment Management LP purchased a new stake in ProPetro in the 1st quarter valued at approximately $80,000. Teacher Retirement System of Texas purchased a new stake in ProPetro in the 1st quarter valued at approximately $89,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in ProPetro in the 1st quarter valued at approximately $91,000. Finally, Raymond James Financial Inc. purchased a new stake in ProPetro in the 4th quarter valued at approximately $94,000. Hedge funds and other institutional investors own 84.70% of the company's stock.

Analyst Upgrades and Downgrades

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

ProPetro Stock Performance

PUMP traded down $0.12 on Tuesday, hitting $4.85. 1,904,356 shares of the company's stock were exchanged, compared to its average volume of 1,808,506. The firm has a market cap of $503.72 million, a PE ratio of -3.30 and a beta of 1.18. ProPetro Holding Corp. has a twelve month low of $4.51 and a twelve month high of $11.17. The stock has a fifty day moving average of $5.70 and a two-hundred day moving average of $6.21. The company has a current ratio of 1.42, a quick ratio of 1.35 and a debt-to-equity ratio of 0.07.

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

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.