Wedge Capital Management L L P NC Raises Holdings in ProPetro Holding Corp. $PUMP

Key Points

• Wedge Capital Management L L P NC increased its stake in ProPetro Holding Corp. by 44.8%, acquiring an additional 66,486 shares, bringing their total to 214,849 shares valued at approximately $1.28 million.
• ProPetro has received mixed ratings from analysts, with current consensus categorized as "Hold" and a consensus price target of $7.80, down from higher previous targets set by various firms.
• The company's recent earnings report indicated a loss of ($0.07) per share, missing estimates, and revenues decreased by 9.2% year-over-year, highlighting ongoing financial challenges.

Wedge Capital Management L L P NC lifted its stake in ProPetro Holding Corp. (NYSE:PUMP - Free Report) by 44.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 214,849 shares of the company's stock after acquiring an additional 66,486 shares during the period. Wedge Capital Management L L P NC owned 0.21% of ProPetro worth $1,283,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in PUMP. Ameriprise Financial Inc. increased its holdings in shares of ProPetro by 18.4% in the fourth quarter. Ameriprise Financial Inc. now owns 448,404 shares of the company's stock valued at $4,184,000 after purchasing an additional 69,718 shares during the period. Bank of America Corp DE lifted its position in shares of ProPetro by 107.9% in the fourth quarter. Bank of America Corp DE now owns 470,406 shares of the company's stock valued at $4,389,000 after acquiring an additional 244,135 shares in the last quarter. Deutsche Bank AG lifted its position in shares of ProPetro by 47.5% in the fourth quarter. Deutsche Bank AG now owns 81,611 shares of the company's stock valued at $761,000 after acquiring an additional 26,299 shares in the last quarter. Millennium Management LLC lifted its position in shares of ProPetro by 359.2% in the fourth quarter. Millennium Management LLC now owns 508,817 shares of the company's stock valued at $4,747,000 after acquiring an additional 398,021 shares in the last quarter. Finally, ProShare Advisors LLC lifted its position in ProPetro by 42.6% during the fourth quarter. ProShare Advisors LLC now owns 26,025 shares of the company's stock worth $243,000 after buying an additional 7,781 shares in the last quarter. 84.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Zacks Research downgraded ProPetro from a "hold" rating to a "strong sell" rating in a research report on Monday, September 1st. Citigroup dropped their price objective on ProPetro from $6.50 to $5.00 and set a "neutral" rating for the company in a research note on Tuesday, September 9th. Stifel Nicolaus set a $10.00 target price on ProPetro and gave the company a "buy" rating in a report on Wednesday, July 16th. JPMorgan Chase & Co. decreased their target price on ProPetro from $8.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, May 28th. Finally, Piper Sandler decreased their price target on ProPetro from $7.00 to $6.00 and set a "neutral" rating for the company in a report on Thursday, August 14th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $7.80.

ProPetro Price Performance

PUMP stock opened at $4.94 on Tuesday. ProPetro Holding Corp. has a 1 year low of $4.51 and a 1 year high of $11.17. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.35 and a current ratio of 1.42. The stock's 50 day moving average price is $5.10 and its 200 day moving average price is $5.71. The firm has a market cap of $513.61 million, a P/E ratio of -3.36 and a beta of 1.13.

ProPetro (NYSE:PUMP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.10). ProPetro had a positive return on equity of 1.84% and a negative net margin of 11.10%.The business had revenue of $326.15 million for the quarter, compared to analysts' expectations of $331.26 million. During the same period in the prior year, the company earned ($0.03) EPS. The company's revenue for the quarter was down 9.2% compared to the same quarter last year. On average, sell-side analysts expect 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.

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