Principal Financial Group Inc. Sells 28,707 Shares of ProPetro Holding Corp. (NYSE:PUMP)

Principal Financial Group Inc. lessened its stake in shares of ProPetro Holding Corp. (NYSE:PUMP) by 7.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 378,669 shares of the company’s stock after selling 28,707 shares during the period. Principal Financial Group Inc. owned about 0.36% of ProPetro worth $2,901,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of PUMP. GAMMA Investing LLC grew its position in shares of ProPetro by 84.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,221 shares of the company’s stock valued at $25,000 after acquiring an additional 1,473 shares during the period. Quarry LP acquired a new stake in ProPetro in the 2nd quarter valued at about $40,000. nVerses Capital LLC grew its holdings in ProPetro by 226.3% during the third quarter. nVerses Capital LLC now owns 6,200 shares of the company’s stock worth $47,000 after purchasing an additional 4,300 shares during the period. CWM LLC increased its position in ProPetro by 17.2% during the third quarter. CWM LLC now owns 8,624 shares of the company’s stock worth $66,000 after buying an additional 1,267 shares during the last quarter. Finally, Chilton Capital Management LLC raised its stake 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 buying an additional 4,000 shares during the period. 84.70% of the stock is owned by institutional investors and hedge funds.

ProPetro Stock Performance

Shares of NYSE PUMP opened at $8.49 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.20 and a quick ratio of 1.14. The firm has a market cap of $873.88 million, a price-to-earnings ratio of -6.39 and a beta of 2.04. The stock’s fifty day moving average price is $7.85 and its two-hundred day moving average price is $8.35. ProPetro Holding Corp. has a one year low of $6.53 and a one year high of $10.02.

Insider Activity

In other news, Director Michele Vion sold 5,000 shares of ProPetro stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $8.26, for a total value of $41,300.00. Following the completion of the sale, the director now directly owns 34,006 shares in the company, valued at approximately $280,889.56. The trade was a 12.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David Scott Schorlemer purchased 4,500 shares of ProPetro stock in a transaction that occurred on Monday, November 4th. The shares were bought at an average cost of $6.86 per share, for a total transaction of $30,870.00. Following the transaction, the chief financial officer now directly owns 112,992 shares of the company’s stock, valued at $775,125.12. This represents a 4.15 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.88% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on PUMP. Stifel Nicolaus decreased their target price on ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Citigroup dropped their price objective on shares of ProPetro from $8.50 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st. Finally, Barclays reduced their target price on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, ProPetro presently has an average rating of “Moderate Buy” and an average price target of $10.33.

About ProPetro

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.