HighTower Advisors LLC Takes Position in ProPetro Holding Corp. (NYSE:PUMP)

HighTower Advisors LLC bought a new stake in ProPetro Holding Corp. (NYSE:PUMP) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 25,965 shares of the company’s stock, valued at approximately $197,000.

Several other large investors have also recently added to or reduced their stakes in PUMP. CWM LLC increased its holdings in shares of ProPetro by 17.2% during the 3rd quarter. CWM LLC now owns 8,624 shares of the company’s stock worth $66,000 after buying an additional 1,267 shares during the last quarter. GAMMA Investing LLC grew its position in ProPetro by 84.3% during the third quarter. GAMMA Investing LLC now owns 3,221 shares of the company’s stock valued at $25,000 after acquiring an additional 1,473 shares during the period. Victory Capital Management Inc. increased its stake in ProPetro by 1.8% during the second quarter. Victory Capital Management Inc. now owns 111,904 shares of the company’s stock worth $970,000 after acquiring an additional 1,990 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of ProPetro by 6.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,392 shares of the company’s stock worth $324,000 after purchasing an additional 2,257 shares during the period. Finally, Federated Hermes Inc. grew its holdings in shares of ProPetro by 8.9% during the 2nd quarter. Federated Hermes Inc. now owns 29,912 shares of the company’s stock worth $259,000 after purchasing an additional 2,446 shares during the period. 84.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on PUMP. Barclays cut their price target on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. JPMorgan Chase & Co. upgraded shares of ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 target price on the stock in a report on Friday, December 6th. Stifel Nicolaus lowered their price target on ProPetro from $12.00 to $11.00 and set a “buy” rating for the company in a report on Friday, October 11th. Finally, Citigroup reduced their price objective on ProPetro from $8.50 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.25.

ProPetro Stock Performance

ProPetro stock opened at $9.00 on Thursday. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.20 and a quick ratio of 1.14. The firm’s fifty day moving average price is $8.16 and its 200 day moving average price is $8.22. The company has a market capitalization of $926.37 million, a price-to-earnings ratio of -6.77 and a beta of 2.07. ProPetro Holding Corp. has a 12-month low of $6.53 and a 12-month high of $10.02.

Insider Transactions at ProPetro

In related news, CFO David Scott Schorlemer purchased 4,500 shares of ProPetro stock in a transaction dated Monday, November 4th. The shares were acquired at an average price of $6.86 per share, with a total value of $30,870.00. Following the completion of the transaction, the chief financial officer now owns 112,992 shares of the company’s stock, valued at approximately $775,125.12. This trade represents a 4.15 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.97% of the company’s stock.

ProPetro Company Profile

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.