Hsbc Holdings PLC Cuts Stock Position in ProPetro Holding Corp. (NYSE:PUMP)

Hsbc Holdings PLC trimmed its stake in shares of ProPetro Holding Corp. (NYSE:PUMP) by 61.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,759 shares of the company’s stock after selling 35,814 shares during the period. Hsbc Holdings PLC’s holdings in ProPetro were worth $196,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Quantbot Technologies LP purchased a new position in ProPetro in the 1st quarter valued at $551,000. Russell Investments Group Ltd. grew its stake in ProPetro by 36.9% during the 1st quarter. Russell Investments Group Ltd. now owns 384,529 shares of the company’s stock valued at $3,107,000 after acquiring an additional 103,644 shares in the last quarter. Jennison Associates LLC acquired a new stake in ProPetro in the 1st quarter valued at about $960,000. SG Americas Securities LLC purchased a new position in ProPetro in the 2nd quarter worth approximately $746,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of ProPetro by 15.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 27,618 shares of the company’s stock worth $224,000 after purchasing an additional 3,687 shares during the last quarter. 84.70% of the stock is owned by hedge funds and other institutional investors.

ProPetro Price Performance

Shares of PUMP stock opened at $8.44 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.11 and a quick ratio of 1.04. The company has a market capitalization of $908.14 million, a PE ratio of 12.60 and a beta of 2.02. The firm’s 50-day moving average is $8.04 and its two-hundred day moving average is $8.49. ProPetro Holding Corp. has a 12 month low of $6.74 and a 12 month high of $11.37.

ProPetro (NYSE:PUMP) last released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.11). The business had revenue of $357.00 million during the quarter, compared to analyst estimates of $361.85 million. ProPetro had a net margin of 2.21% and a return on equity of 3.39%. The company’s revenue was down 17.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.34 earnings per share. Analysts predict that ProPetro Holding Corp. will post 0.24 earnings per share for the current year.

Insider Buying and Selling

In other ProPetro news, Director Michele Vion sold 5,000 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $8.26, for a total transaction of $41,300.00. Following the transaction, the director now directly owns 34,006 shares in the company, valued at $280,889.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.88% of the company’s stock.

Analysts Set New Price Targets

Separately, Stifel Nicolaus reduced their price objective on ProPetro from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, July 16th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $12.00.

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.