ProPetro Holding Corp. (NYSE:PUMP) Position Trimmed by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in ProPetro Holding Corp. (NYSE:PUMP) by 19.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 555,457 shares of the company’s stock after selling 131,234 shares during the quarter. Bank of New York Mellon Corp’s holdings in ProPetro were worth $5,182,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in PUMP. GAMMA Investing LLC increased its stake in ProPetro by 38.0% in the 4th quarter. GAMMA Investing LLC now owns 4,446 shares of the company’s stock valued at $41,000 after buying an additional 1,225 shares during the period. KBC Group NV grew its holdings in shares of ProPetro by 90.5% during the 4th quarter. KBC Group NV now owns 8,045 shares of the company’s stock valued at $75,000 after acquiring an additional 3,821 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of ProPetro during the 3rd quarter valued at $77,000. Ieq Capital LLC increased its stake in shares of ProPetro by 13.0% in the fourth quarter. Ieq Capital LLC now owns 13,604 shares of the company’s stock worth $127,000 after acquiring an additional 1,564 shares during the last quarter. Finally, Quantinno Capital Management LP purchased a new stake in shares of ProPetro during the third quarter worth $134,000. 84.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PUMP. Barclays dropped their target price on ProPetro from $12.00 to $11.00 and set an “overweight” rating on the stock in a research report on Monday, March 3rd. Citigroup increased their price objective on ProPetro from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. Benchmark reiterated a “hold” rating on shares of ProPetro in a research note on Thursday, February 20th. Stifel Nicolaus increased their price target on shares of ProPetro from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Finally, JPMorgan Chase & Co. raised shares of ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price objective for the company in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $10.75.

ProPetro Stock Down 0.8 %

Shares of ProPetro stock opened at $6.83 on Tuesday. ProPetro Holding Corp. has a 12-month low of $6.54 and a 12-month high of $11.17. The company has a quick ratio of 1.14, a current ratio of 1.31 and a debt-to-equity ratio of 0.06. The stock has a 50 day moving average price of $8.97 and a two-hundred day moving average price of $8.46. The stock has a market capitalization of $704.13 million, a P/E ratio of -5.09 and a beta of 2.03.

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.