Franklin Resources Inc. Grows Stock Holdings in ProPetro Holding Corp. (NYSE:PUMP)

Franklin Resources Inc. lifted its position in shares of ProPetro Holding Corp. (NYSE:PUMP) by 5.8% in the third quarter, HoldingsChannel.com reports. The firm owned 61,979 shares of the company’s stock after purchasing an additional 3,417 shares during the period. Franklin Resources Inc.’s holdings in ProPetro were worth $513,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in ProPetro by 84.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,221 shares of the company’s stock worth $25,000 after buying an additional 1,473 shares during the period. Quarry LP bought a new position in shares of ProPetro during the second quarter valued at approximately $40,000. nVerses Capital LLC lifted its stake in ProPetro by 226.3% in the third quarter. nVerses Capital LLC now owns 6,200 shares of the company’s stock worth $47,000 after acquiring an additional 4,300 shares during the period. Chilton Capital Management LLC boosted its holdings in ProPetro by 87.1% in the second quarter. Chilton Capital Management LLC now owns 8,595 shares of the company’s stock valued at $75,000 after acquiring an additional 4,000 shares in the last quarter. Finally, CWM LLC increased its position in ProPetro by 17.2% during the 3rd quarter. CWM LLC now owns 8,624 shares of the company’s stock valued at $66,000 after purchasing an additional 1,267 shares during the period. 84.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Transactions at ProPetro

In other news, CFO David Scott Schorlemer purchased 4,500 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were purchased at an average price of $6.86 per share, for a total transaction of $30,870.00. Following the completion of the acquisition, the chief financial officer now directly owns 112,992 shares in the company, valued at $775,125.12. This represents a 4.15 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.88% of the company’s stock.

ProPetro Stock Performance

ProPetro stock opened at $9.24 on Tuesday. The stock’s 50 day moving average is $8.26 and its 200 day moving average is $8.22. The company has a market capitalization of $951.07 million, a P/E ratio of -6.95 and a beta of 2.07. ProPetro Holding Corp. has a twelve month low of $6.53 and a twelve month high of $10.02. The company has a quick ratio of 1.14, a current ratio of 1.20 and a debt-to-equity ratio of 0.05.

ProPetro 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.