Pacer Advisors Inc. Acquires Shares of 1,006,926 ProPetro Holding Corp. (NYSE:PUMP)

Key Points

• Pacer Advisors Inc. acquired a new position in ProPetro Holding Corp., purchasing over 1 million shares valued at approximately $7.4 million, constituting 0.97% of the company's stock.
• Several other institutional investors also increased their stakes in ProPetro, with 84.70% of the stock owned by hedge funds and institutional investors.
• ProPetro's earnings report showed a quarterly revenue of $359.42 million, beating estimates, despite a 11.4% decline compared to the previous year.

Pacer Advisors Inc. acquired a new position in ProPetro Holding Corp. (NYSE:PUMP - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,006,926 shares of the company's stock, valued at approximately $7,401,000. Pacer Advisors Inc. owned about 0.97% of ProPetro at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of PUMP. Raymond James Financial Inc. purchased a new position in ProPetro during the fourth quarter worth about $94,000. Corient Private Wealth LLC lifted its holdings in shares of ProPetro by 8.7% in the 4th quarter. Corient Private Wealth LLC now owns 17,591 shares of the company's stock worth $164,000 after purchasing an additional 1,405 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of ProPetro by 31.7% in the 4th quarter. Sei Investments Co. now owns 68,899 shares of the company's stock worth $643,000 after purchasing an additional 16,600 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of ProPetro during the 4th quarter valued at $347,000. Finally, New Age Alpha Advisors LLC acquired a new position in shares of ProPetro in the 4th quarter worth $1,020,000. Institutional investors own 84.70% of the company's stock.

ProPetro Stock Performance

Shares of ProPetro stock traded down $0.43 during trading on Thursday, reaching $5.18. The company's stock had a trading volume of 1,610,143 shares, compared to its average volume of 1,764,751. ProPetro Holding Corp. has a fifty-two week low of $4.61 and a fifty-two week high of $11.17. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 0.05. The company has a 50-day moving average price of $6.05 and a two-hundred day moving average price of $6.89. The firm has a market cap of $538.67 million, a PE ratio of -3.63 and a beta of 1.18.

ProPetro (NYSE:PUMP - Get Free Report) last announced its earnings results 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). ProPetro had a negative net margin of 10.60% and a positive return on equity of 2.16%. The firm had revenue of $326.15 million for the quarter, compared to the consensus estimate of $331.26 million. During the same period in the prior year, the business earned ($0.03) EPS. The company's quarterly revenue was down 9.2% compared to the same quarter last year. On average, analysts forecast that ProPetro Holding Corp. will post 0.25 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently commented on PUMP shares. Stifel Nicolaus set a $10.00 target price on ProPetro and gave the stock a "buy" rating in a report on Wednesday, July 16th. JPMorgan Chase & Co. reduced their price objective on shares of ProPetro from $8.00 to $7.00 and set a "neutral" rating for the company in a research note on Wednesday, May 28th. Finally, Piper Sandler started coverage on shares of ProPetro in a research report on Monday, July 14th. They set a "neutral" rating and a $7.00 price target for the company. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, ProPetro currently has an average rating of "Hold" and an average target price of $9.00.

ProPetro 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.