SIR Capital Management L.P. Invests $11.99 Million in ProPetro Holding Corp. $PUMP

Key Points

• SIR Capital Management purchased 835,863 ProPetro shares worth approximately $11.99 million, giving it a 0.68% stake and making PUMP its 20th-largest portfolio holding.
• Institutional ownership remains high at 84.7%, with BlackRock and several other funds also establishing or expanding positions in ProPetro.
• ProPetro shares fell 4.6% to $10.81 after the company reported a quarterly EPS loss of $0.07, missing estimates, while revenue declined 6.3% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $16.50.

SIR Capital Management L.P. bought a new position in ProPetro Holding Corp. (NYSE:PUMP - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 835,863 shares of the company's stock, valued at approximately $11,986,000. ProPetro makes up 1.4% of SIR Capital Management L.P.'s portfolio, making the stock its 20th largest holding. SIR Capital Management L.P. owned about 0.68% of ProPetro as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in PUMP. BlackRock Inc. purchased a new position in shares of ProPetro in the 2nd quarter worth about $130,574,000. Valiant Capital Management L.P. bought a new stake in ProPetro in the 4th quarter worth approximately $34,890,000. Sourcerock Group LLC boosted its stake in ProPetro by 66.4% in the second quarter. Sourcerock Group LLC now owns 8,408,391 shares of the company's stock worth $50,198,000 after buying an additional 3,355,848 shares in the last quarter. Cooper Creek Partners Management LLC bought a new position in ProPetro during the first quarter valued at approximately $42,748,000. Finally, VR Advisory Services Ltd raised its stake in shares of ProPetro by 213.2% during the third quarter. VR Advisory Services Ltd now owns 3,679,359 shares of the company's stock worth $19,280,000 after acquiring an additional 2,504,634 shares in the last quarter. Hedge funds and other institutional investors own 84.70% of the company's stock.

ProPetro Trading Down 4.6%

NYSE:PUMP opened at $10.81 on Tuesday. The company has a fifty day moving average of $12.60 and a 200 day moving average of $13.76. ProPetro Holding Corp. has a 52 week low of $4.52 and a 52 week high of $18.50. The company has a quick ratio of 4.00, a current ratio of 4.09 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $1.33 billion, a P/E ratio of -98.30 and a beta of 0.77.

ProPetro (NYSE:PUMP - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.06). ProPetro had a negative return on equity of 1.49% and a negative net margin of 1.15%.The firm had revenue of $305.81 million during the quarter, compared to the consensus estimate of $304.48 million. During the same period last year, the business earned ($0.07) EPS. ProPetro's revenue was down 6.3% on a year-over-year basis. On average, research analysts predict that ProPetro Holding Corp. will post -0.09 earnings per share for the current year.

Insider Transactions at ProPetro

In related news, Director G Larry Lawrence sold 35,831 shares of the business's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $11.16, for a total transaction of $399,873.96. Following the transaction, the director owned 28,181 shares in the company, valued at $314,499.96. The trade was a 55.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Adam Munoz sold 70,696 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $11.17, for a total value of $789,674.32. Following the transaction, the chief operating officer directly owned 148,691 shares of the company's stock, valued at $1,660,878.47. The trade was a 32.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.55% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PUMP. Barclays decreased their target price on shares of ProPetro from $23.00 to $18.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 5th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $16.00 price objective on shares of ProPetro in a research note on Wednesday, June 3rd. Citigroup decreased their price objective on ProPetro from $20.00 to $16.00 and set a "buy" rating on the stock in a report on Monday, August 3rd. Piper Sandler decreased their price objective on ProPetro from $20.00 to $18.00 and set an "overweight" rating on the stock in a report on Thursday, July 30th. Finally, Odeon Capital Group initiated coverage on ProPetro in a research note on Thursday, May 28th. They issued a "buy" rating for the company. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, ProPetro currently has a consensus rating of "Moderate Buy" and an average price target of $16.50.

About ProPetro

ProPetro Holding Corp is a publicly traded oilfield services company that specializes in hydraulic fracturing and well completion solutions for exploration and production operators. Headquartered in Midland, Texas, the company delivers a comprehensive suite of pressure pumping services designed to optimize reservoir stimulation and enhance hydrocarbon recovery. Its integrated approach encompasses well design, proppant selection, fluid systems and pressure management to support clients' development targets across unconventional plays.

The company's core offerings include high-pressure fracturing, coiled tubing, cementing, acidizing and flowback services, all supported by in-house logistics and digital monitoring tools.

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