Russell Investments Group Ltd. Has $1.61 Million Holdings in ProPetro Holding Corp. $PUMP

Key Points

• Russell Investments Group Ltd. has significantly reduced its stake in ProPetro Holding Corp. by 61.6%, selling 351,161 shares and now owns 218,651 shares worth approximately $1.6 million.
• Analysts have mixed opinions on ProPetro, with price targets ranging from $6.00 to $10.00; the stock currently has an average rating of "Hold" and an average price target of $8.80.
• ProPetro reported quarterly earnings that missed consensus estimates, with a loss per share of ($0.07) against expectations of $0.03, and revenue decreased 9.2% year-over-year.

Russell Investments Group Ltd. cut its holdings in ProPetro Holding Corp. (NYSE:PUMP - Free Report) by 61.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 218,651 shares of the company's stock after selling 351,161 shares during the quarter. Russell Investments Group Ltd. owned about 0.21% of ProPetro worth $1,607,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. MetLife Investment Management LLC lifted its stake in ProPetro by 2.5% in the fourth quarter. MetLife Investment Management LLC now owns 52,933 shares of the company's stock valued at $494,000 after acquiring an additional 1,270 shares during the last quarter. New York State Common Retirement Fund lifted its stake in ProPetro by 14.0% in the first quarter. New York State Common Retirement Fund now owns 26,796 shares of the company's stock valued at $197,000 after acquiring an additional 3,298 shares during the last quarter. Mariner LLC lifted its stake in ProPetro by 23.4% in the fourth quarter. Mariner LLC now owns 22,687 shares of the company's stock valued at $212,000 after acquiring an additional 4,304 shares during the last quarter. Headlands Technologies LLC acquired a new stake in ProPetro in the first quarter valued at approximately $32,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in ProPetro by 16.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 34,702 shares of the company's stock valued at $324,000 after acquiring an additional 4,996 shares during the last quarter. 84.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on PUMP. JPMorgan Chase & Co. reduced their target price 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. Piper Sandler reduced their target price on shares of ProPetro from $7.00 to $6.00 and set a "neutral" rating for the company in a research note on Thursday, August 14th. Finally, Stifel Nicolaus set a $10.00 price objective on shares of ProPetro and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $8.80.

ProPetro Stock Performance

Shares of ProPetro stock traded down $0.09 on Tuesday, reaching $5.02. The stock had a trading volume of 1,334,441 shares, compared to its average volume of 1,776,325. The business's 50-day moving average price is $5.52 and its two-hundred day moving average price is $6.07. 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 stock has a market cap of $521.41 million, a P/E ratio of -3.41 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) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.10). The company had revenue of $326.15 million for the quarter, compared to analyst estimates of $331.26 million. ProPetro had a negative net margin of 11.10% and a positive return on equity of 1.84%. ProPetro's revenue for the quarter was down 9.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.03) earnings per share. On average, sell-side analysts forecast that ProPetro Holding Corp. will post 0.25 EPS for the current 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.