Short Interest in ProPetro Holding Corp. (NYSE:PUMP) Drops By 16.7%

Key Points

• Short interest in ProPetro fell 16.7% in March to 9,368,629 shares, representing 7.8% of the float and a days-to-cover ratio of 2.9.
• Q4 results beat expectations with $0.01 EPS (vs. -$0.13 est.) and $289.7M revenue (vs. $279.9M est.), although revenue was down 9.6% year-over-year.
• Institutional ownership is high at 84.7%; analysts are mixed with a consensus "Hold" and an average price target of $12.83 while the stock trades near $14.68.

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report) was the target of a significant decrease in short interest during the month of March. As of March 13th, there was short interest totaling 9,368,629 shares, a decrease of 16.7% from the February 26th total of 11,249,451 shares. Based on an average trading volume of 3,279,615 shares, the days-to-cover ratio is presently 2.9 days. Currently, 7.8% of the company's stock are sold short.

ProPetro Trading Down 0.1%

Shares of NYSE:PUMP opened at $14.68 on Monday. The stock has a market capitalization of $1.79 billion, a PE ratio of 1,467.90 and a beta of 0.70. ProPetro has a 1 year low of $4.51 and a 1 year high of $15.18. The firm has a fifty day moving average price of $12.29 and a 200 day moving average price of $9.70. The company has a current ratio of 1.29, a quick ratio of 1.24 and a debt-to-equity ratio of 0.13.

ProPetro (NYSE:PUMP - Get Free Report) last posted its earnings results on Wednesday, February 18th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.14. ProPetro had a return on equity of 0.10% and a net margin of 0.06%.The company had revenue of $289.68 million for the quarter, compared to analyst estimates of $279.90 million. During the same period last year, the company earned ($0.17) earnings per share. The business's revenue was down 9.6% compared to the same quarter last year. Analysts expect that ProPetro will post 0.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd bought a new stake in ProPetro during the fourth quarter worth approximately $111,000. Alpine Global Management LLC acquired a new position in ProPetro during the fourth quarter valued at approximately $118,000. Invesco Ltd. raised its position in shares of ProPetro by 23.4% in the fourth quarter. Invesco Ltd. now owns 407,031 shares of the company's stock valued at $3,871,000 after purchasing an additional 77,088 shares during the period. XTX Topco Ltd lifted its stake in shares of ProPetro by 52.1% in the fourth quarter. XTX Topco Ltd now owns 178,056 shares of the company's stock worth $1,693,000 after buying an additional 60,997 shares during the last quarter. Finally, Voloridge Investment Management LLC acquired a new stake in shares of ProPetro in the fourth quarter worth $1,235,000. 84.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. raised ProPetro from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $7.00 to $13.00 in a research report on Wednesday, December 10th. Wolfe Research raised ProPetro to a "buy" rating and set a $13.00 target price on the stock in a research report on Wednesday, December 10th. Weiss Ratings reiterated a "sell (d-)" rating on shares of ProPetro in a report on Monday, December 29th. Barclays boosted their price target on ProPetro from $11.00 to $12.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 25th. Finally, Piper Sandler increased their price objective on ProPetro from $16.00 to $17.00 and gave the stock an "overweight" rating in a report on Wednesday, January 14th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $12.83.

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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