American Century Companies Inc. Raises Position in ProPetro Holding Corp. $PUMP

Key Points

• American Century Companies Inc. increased its stake in ProPetro Holding Corp. by 6.6%, owning a total of 3,449,060 shares worth $25.35 million as of its latest SEC filing.
• Research firms have mixed opinions on ProPetro, with price targets ranging from $6.00 to $10.00, indicating a consensus "Hold" rating.
• ProPetro reported a loss of ($0.07) earnings per share for the most recent quarter, failing to meet analyst expectations, with revenue down by 9.2% compared to the previous year.

American Century Companies Inc. raised its stake in ProPetro Holding Corp. (NYSE:PUMP - Free Report) by 6.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,449,060 shares of the company's stock after buying an additional 212,925 shares during the period. American Century Companies Inc. owned approximately 3.32% of ProPetro worth $25,351,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Nuveen LLC acquired a new stake in shares of ProPetro in the 1st quarter worth approximately $11,757,000. Sourcerock Group LLC purchased a new stake in ProPetro during the fourth quarter worth $14,079,000. Charles Schwab Investment Management Inc. grew its holdings in ProPetro by 6.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,114,259 shares of the company's stock valued at $8,190,000 after purchasing an additional 63,686 shares during the last quarter. Bridgeway Capital Management LLC increased its position in shares of ProPetro by 2.7% in the fourth quarter. Bridgeway Capital Management LLC now owns 1,034,873 shares of the company's stock valued at $9,655,000 after buying an additional 27,086 shares in the last quarter. Finally, Royce & Associates LP raised its stake in shares of ProPetro by 10.3% during the 1st quarter. Royce & Associates LP now owns 1,027,265 shares of the company's stock worth $7,550,000 after buying an additional 96,126 shares during the last quarter. Hedge funds and other institutional investors own 84.70% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on PUMP. Piper Sandler lowered their price objective on shares of ProPetro from $7.00 to $6.00 and set a "neutral" rating on the stock in a research note on Thursday, August 14th. Stifel Nicolaus set a $10.00 price target on shares of ProPetro and gave the company a "buy" rating in a report on Wednesday, July 16th. 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 note 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's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $8.80.

ProPetro Trading Down 2.3%

Shares of NYSE:PUMP traded down $0.12 during trading on Tuesday, reaching $4.85. The stock had a trading volume of 1,904,356 shares, compared to its average volume of 1,808,506. The company has a quick ratio of 1.35, a current ratio of 1.42 and a debt-to-equity ratio of 0.07. The stock has a market cap of $503.72 million, a P/E ratio of -3.30 and a beta of 1.18. The business has a fifty day moving average price of $5.70 and a 200-day moving average price of $6.21. ProPetro Holding Corp. has a fifty-two week low of $4.51 and a fifty-two week high of $11.17.

ProPetro (NYSE:PUMP - Get Free Report) last announced 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). The firm 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%.The firm's revenue was down 9.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.03) EPS. As a group, analysts anticipate that ProPetro Holding Corp. will post 0.25 earnings per share for the current fiscal 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.