Russell Investments Group Ltd. Decreases Stock Position 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 position in shares of ProPetro Holding Corp. (NYSE:PUMP - Free Report) by 61.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 218,651 shares of the company's stock after selling 351,161 shares during the period. Russell Investments Group Ltd. owned about 0.21% of ProPetro worth $1,607,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Headlands Technologies LLC bought a new stake in ProPetro during the 1st quarter valued at $32,000. Aigen Investment Management LP purchased a new stake in ProPetro during the 1st quarter valued at about $80,000. Teacher Retirement System of Texas purchased a new stake in ProPetro during the 1st quarter valued at about $89,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in ProPetro during the 1st quarter valued at about $91,000. Finally, Raymond James Financial Inc. purchased a new stake in ProPetro during the 4th quarter valued at about $94,000. 84.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

ProPetro Price Performance

PUMP stock traded up $0.08 during mid-day trading on Friday, reaching $5.11. 1,614,777 shares of the company's stock were exchanged, compared to its average volume of 1,971,549. The company has a market cap of $530.77 million, a price-to-earnings ratio of -3.47 and a beta of 1.18. The stock's 50 day moving average is $5.56 and its 200 day moving average is $6.12. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.42 and a quick ratio of 1.35. ProPetro Holding Corp. has a 12-month low of $4.51 and a 12-month high of $11.17.

ProPetro (NYSE:PUMP - Get Free Report) last issued its quarterly 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 business had revenue of $326.15 million for the quarter, compared to analysts' expectations of $331.26 million. ProPetro had a positive return on equity of 1.84% and a negative net margin of 11.10%.The business's revenue for the quarter was down 9.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.03) EPS. On average, research analysts expect that ProPetro Holding Corp. will post 0.25 EPS for the current 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.