Van ECK Associates Corp Sells 315,539 Shares of ProPetro Holding Corp. $PUMP

Key Points

• Van ECK Associates reduced its ProPetro stake by 11.4%, selling 315,539 shares in the second quarter and retaining 2.44 million shares worth approximately $35 million. Institutional investors collectively own 84.7% of PUMP.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $16.12, although several firms recently lowered their targets. The stock recently traded at $10.91.
• ProPetro reported a quarterly loss of $0.07 per share, missing expectations, while revenue reached $305.8 million and declined 6.3% year over year. Company insiders also sold shares, including substantial reductions by its COO and a director.

Van ECK Associates Corp lessened its stake in ProPetro Holding Corp. (NYSE:PUMP - Free Report) by 11.4% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,443,444 shares of the company's stock after selling 315,539 shares during the quarter. Van ECK Associates Corp owned approximately 1.99% of ProPetro worth $35,039,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of PUMP. Public Employees Retirement System of Ohio purchased a new position in ProPetro during the 2nd quarter worth $74,000. State of Wyoming bought a new stake in ProPetro in the 1st quarter worth about $83,000. Aster Capital Management DIFC Ltd purchased a new stake in ProPetro in the 4th quarter valued at about $56,000. Raymond James Financial Inc. bought a new position in shares of ProPetro during the 2nd quarter worth approximately $60,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of ProPetro by 70.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,789 shares of the company's stock worth $64,000 after buying an additional 4,461 shares during the last quarter. Institutional investors own 84.70% of the company's stock.

Analysts Set New Price Targets

PUMP has been the subject of several recent analyst reports. Stifel Nicolaus reduced their target price on ProPetro from $23.00 to $20.00 and set a "buy" rating for the company in a report on Monday, August 3rd. Piper Sandler cut their price objective on ProPetro from $18.00 to $15.00 and set an "overweight" rating on the stock in a research report on Thursday. The Goldman Sachs Group restated a "neutral" rating and issued a $16.00 price objective on shares of ProPetro in a research note on Wednesday, June 3rd. Barclays decreased their target price on ProPetro from $23.00 to $18.00 and set an "overweight" rating for the company in a research report on Wednesday, August 5th. Finally, Odeon Capital Group initiated coverage on ProPetro in a research note on Thursday, May 28th. They set a "buy" rating on the stock. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, ProPetro currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.12.

ProPetro Price Performance

ProPetro stock opened at $10.91 on Monday. ProPetro Holding Corp. has a 12 month low of $4.52 and a 12 month high of $18.50. The company has a current ratio of 4.09, a quick ratio of 4.00 and a debt-to-equity ratio of 0.80. The business's 50 day simple moving average is $12.28 and its 200 day simple moving average is $13.75. The company has a market cap of $1.34 billion, a price-to-earnings ratio of -99.18 and a beta of 0.77.

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

Insiders Place Their Bets

In other news, COO Adam Munoz sold 70,696 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $11.17, for a total transaction of $789,674.32. Following the completion of the transaction, the chief operating officer owned 148,691 shares in the company, valued at approximately $1,660,878.47. This represents a 32.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director G Larry Lawrence sold 35,831 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $11.16, for a total value of $399,873.96. Following the transaction, the director owned 28,181 shares of the company's stock, valued at $314,499.96. The trade was a 55.98% decrease in their position. The SEC filing for this sale provides additional information. 1.55% of the stock is owned by corporate insiders.

ProPetro Profile

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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