Philosophy Capital Management LLC Boosts Stake in ProPetro Holding Corp. $PUMP

Key Points

• Philosophy Capital Management LLC increased its stake in ProPetro Holding Corp. by 23.2% during the first quarter, now owning approximately 2.71% of the company worth about $20.7 million.
• Analysts have mixed views on ProPetro, with a target price set at $10.00 by Stifel Nicolaus, while Zacks Research downgraded it to a strong sell rating.
• ProPetro's latest earnings report showed a loss of $0.07 per share, which was below the consensus estimate, alongside a revenue decline of 9.2% year-over-year.

Philosophy Capital Management LLC raised its position in ProPetro Holding Corp. (NYSE:PUMP - Free Report) by 23.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,820,887 shares of the company's stock after buying an additional 531,751 shares during the quarter. ProPetro accounts for 1.5% of Philosophy Capital Management LLC's holdings, making the stock its 16th biggest holding. Philosophy Capital Management LLC owned 2.71% of ProPetro worth $20,734,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PUMP. American Century Companies Inc. lifted its position in shares of ProPetro by 6.6% during the 1st quarter. American Century Companies Inc. now owns 3,449,060 shares of the company's stock valued at $25,351,000 after acquiring an additional 212,925 shares during the period. Nuveen LLC bought a new stake in shares of ProPetro during the 1st quarter worth $11,757,000. Sourcerock Group LLC bought a new stake in shares of ProPetro during the 4th quarter worth $14,079,000. VR Advisory Services Ltd bought a new stake in shares of ProPetro during the 1st quarter worth $8,634,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of ProPetro by 6.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,114,259 shares of the company's stock worth $8,190,000 after buying an additional 63,686 shares during the last quarter. 84.70% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on PUMP. Citigroup dropped their price objective on ProPetro from $6.50 to $5.00 and set a "neutral" rating for the company in a research report on Tuesday. Zacks Research downgraded ProPetro from a "hold" rating to a "strong sell" rating in a research report on Monday, September 1st. Stifel Nicolaus set a $10.00 price objective on ProPetro and gave the stock a "buy" rating in a research report on Wednesday, July 16th. JPMorgan Chase & Co. dropped their price objective on ProPetro from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. Finally, Piper Sandler dropped their target price on ProPetro from $7.00 to $6.00 and set a "neutral" rating for the company in a research report on Thursday, August 14th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, ProPetro presently has a consensus rating of "Hold" and an average price target of $7.80.

ProPetro Stock Performance

NYSE:PUMP traded up $0.07 during trading hours on Thursday, reaching $4.93. The stock had a trading volume of 1,309,444 shares, compared to its average volume of 1,822,664. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.35 and a current ratio of 1.42. The stock has a 50 day simple moving average of $5.36 and a 200 day simple moving average of $5.92. ProPetro Holding Corp. has a 12-month low of $4.51 and a 12-month high of $11.17. The stock has a market cap of $512.05 million, a P/E ratio of -3.34 and a beta of 1.13.

ProPetro (NYSE:PUMP - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported ($0.07) earnings per share (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 firm had revenue of $326.15 million during the quarter, compared to analysts' expectations of $331.26 million. During the same period in the prior year, the business earned ($0.03) earnings per share. The business's quarterly revenue was down 9.2% compared to the same quarter last year. On average, research analysts forecast that ProPetro Holding Corp. will post 0.25 EPS for the current fiscal year.

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.