Entropy Technologies LP Purchases 29,305 Shares of ProPetro Holding Corp. (NYSE:PUMP)

Entropy Technologies LP lifted its position in ProPetro Holding Corp. (NYSE:PUMP) by 125.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,619 shares of the company’s stock after acquiring an additional 29,305 shares during the quarter. Entropy Technologies LP owned 0.05% of ProPetro worth $403,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In other ProPetro news, Director Michele Vion sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $8.26, for a total transaction of $41,300.00. Following the completion of the transaction, the director now directly owns 34,006 shares of the company’s stock, valued at approximately $280,889.56. This trade represents a 12.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO David Scott Schorlemer acquired 4,500 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was acquired at an average cost 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 approximately $775,125.12. The trade was a 4.15 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.88% of the company’s stock.

ProPetro Stock Performance

Shares of ProPetro stock opened at $7.58 on Friday. The company has a 50 day moving average price of $7.79 and a 200 day moving average price of $8.38. The firm has a market capitalization of $779.69 million, a P/E ratio of -5.70 and a beta of 2.04. 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 Holding Corp. has a 52 week low of $6.53 and a 52 week high of $10.02.

Analysts Set New Price Targets

PUMP has been the subject of several recent research reports. Citigroup reduced their price target on ProPetro from $8.50 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Barclays decreased their price target on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Finally, Stifel Nicolaus reduced their price objective on shares of ProPetro from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $10.33.

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.