ProPetro Holding Corp. (NYSE:PUMP) Short Interest Down 60.5% in September

Key Points

• ProPetro Holding Corp.'s short interest decreased by 60.5% in September, resulting in a total of 5,220,000 shares sold short as of September 30th.
• Analysts have set various price targets for ProPetro, with Barclays lowering their target from $6.00 to $5.00 while Citigroup raised it from $5.00 to $6.00.
• The company reported a loss of ($0.07) earnings per share in its last quarterly report, missing the consensus estimate of $0.03.

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report) was the recipient of a large decrease in short interest during the month of September. As of September 30th, there was short interest totaling 5,220,000 shares, a decrease of 60.5% from the September 15th total of 13,200,000 shares. Based on an average trading volume of 2,620,000 shares, the days-to-cover ratio is currently 2.0 days. Approximately 6.6% of the company's stock are sold short. Approximately 6.6% of the company's stock are sold short. Based on an average trading volume of 2,620,000 shares, the days-to-cover ratio is currently 2.0 days.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Barclays restated an "equal weight" rating and issued a $5.00 price objective (down previously from $6.00) on shares of ProPetro in a research note on Monday, October 13th. Piper Sandler cut their price target on ProPetro from $7.00 to $6.00 and set a "neutral" rating for the company in a research note on Thursday, August 14th. Citigroup upped their price target on shares of ProPetro from $5.00 to $6.00 and gave the stock a "neutral" rating in a report on Wednesday, October 8th. Zacks Research downgraded shares of ProPetro from a "hold" rating to a "strong sell" rating in a research report on Monday, September 1st. Finally, Stifel Nicolaus set a $10.00 target price on ProPetro and gave the company a "buy" rating in a report on Wednesday, July 16th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, ProPetro currently has a consensus rating of "Reduce" and a consensus price target of $6.80.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. New Age Alpha Advisors LLC grew its holdings in ProPetro by 57.8% in the first quarter. New Age Alpha Advisors LLC now owns 172,403 shares of the company's stock worth $1,267,000 after purchasing an additional 63,120 shares during the period. Teacher Retirement System of Texas bought a new stake in shares of ProPetro during the first quarter valued at approximately $89,000. Principal Financial Group Inc. lifted its holdings in shares of ProPetro by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 395,202 shares of the company's stock worth $2,905,000 after purchasing an additional 10,434 shares in the last quarter. GAMMA Investing LLC raised its holdings in ProPetro by 714.0% during the first quarter. GAMMA Investing LLC now owns 36,191 shares of the company's stock worth $266,000 after buying an additional 31,745 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its stake in ProPetro by 14.0% during the 1st quarter. New York State Common Retirement Fund now owns 26,796 shares of the company's stock valued at $197,000 after purchasing an additional 3,298 shares during the last quarter. Institutional investors and hedge funds own 84.70% of the company's stock.

ProPetro Trading Up 8.6%

PUMP opened at $5.56 on Friday. The company's 50 day moving average price is $5.03 and its two-hundred day moving average price is $5.47. The firm has a market capitalization of $578.07 million, a price-to-earnings ratio of -3.78 and a beta of 1.00. ProPetro has a fifty-two week low of $4.51 and a fifty-two week high of $11.17. 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 (NYSE:PUMP - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $331.26 million. During the same period last year, the business posted ($0.03) earnings per share. The business's revenue was down 9.2% on a year-over-year basis. As a group, research analysts predict that ProPetro will post 0.25 earnings per share for the current 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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