Towle & Co. Sells 398,151 Shares of ProPetro Holding Corp. $PUMP

Towle & Co. trimmed its stake in ProPetro Holding Corp. (NYSE:PUMP) by 37.1% in the first quarter, HoldingsChannel.com reports. The fund owned 676,403 shares of the company’s stock after selling 398,151 shares during the quarter. ProPetro comprises approximately 3.8% of Towle & Co.’s portfolio, making the stock its 2nd biggest position. Towle & Co.’s holdings in ProPetro were worth $9,747,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Valiant Capital Management L.P. purchased a new stake in ProPetro in the fourth quarter valued at approximately $34,890,000. Sourcerock Group LLC raised its stake in ProPetro by 66.4% during the second quarter. Sourcerock Group LLC now owns 8,408,391 shares of the company’s stock worth $50,198,000 after purchasing an additional 3,355,848 shares during the period. VR Advisory Services Ltd boosted its holdings in shares of ProPetro by 213.2% in the 3rd quarter. VR Advisory Services Ltd now owns 3,679,359 shares of the company’s stock valued at $19,280,000 after purchasing an additional 2,504,634 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of ProPetro by 209.5% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,704,145 shares of the company’s stock valued at $14,170,000 after purchasing an additional 1,830,399 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of ProPetro by 382.7% during the 3rd quarter. Millennium Management LLC now owns 2,215,896 shares of the company’s stock valued at $11,611,000 after buying an additional 1,756,812 shares during the period. Hedge funds and other institutional investors own 84.70% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on PUMP. Weiss Ratings lowered ProPetro from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Monday, May 4th. Citigroup upped their price target on shares of ProPetro from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Stifel Nicolaus set a $23.00 price objective on ProPetro in a research report on Thursday, July 2nd. Piper Sandler boosted their price objective on ProPetro from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $16.00 target price on shares of ProPetro in a research report on Wednesday, June 3rd. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, ProPetro has a consensus rating of “Moderate Buy” and a consensus target price of $18.25.

ProPetro Trading Down 9.5%

NYSE:PUMP opened at $12.30 on Friday. The firm has a market capitalization of $1.51 billion, a P/E ratio of -111.86 and a beta of 0.72. The business has a 50 day simple moving average of $14.68 and a 200 day simple moving average of $13.63. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.64 and a quick ratio of 1.57. ProPetro Holding Corp. has a 12-month low of $4.51 and a 12-month high of $18.50.

ProPetro (NYSE:PUMP) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.09. ProPetro had a negative net margin of 1.05% and a negative return on equity of 1.43%. The company had revenue of $270.69 million during the quarter, compared to the consensus estimate of $277.49 million. During the same quarter in the previous year, the company posted $0.09 earnings per share. The company’s revenue for the quarter was down 24.6% compared to the same quarter last year. Equities research analysts predict that ProPetro Holding Corp. will post -0.02 EPS for the current year.

ProPetro Profile

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.