State Street Corp Decreases Holdings in ProPetro Holding Corp. (NYSE:PUMP)

State Street Corp reduced its position in ProPetro Holding Corp. (NYSE:PUMP) by 3.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,744,113 shares of the company’s stock after selling 146,658 shares during the period. State Street Corp owned about 3.64% of ProPetro worth $28,680,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quadrature Capital Ltd grew its holdings in ProPetro by 24.1% in the third quarter. Quadrature Capital Ltd now owns 20,252 shares of the company’s stock valued at $155,000 after purchasing an additional 3,927 shares during the last quarter. Quantinno Capital Management LP acquired a new stake in ProPetro in the 3rd quarter valued at about $134,000. Point72 Asset Management L.P. purchased a new position in ProPetro during the 3rd quarter valued at about $3,525,000. Hotchkis & Wiley Capital Management LLC raised its position in ProPetro by 2.7% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 1,088,880 shares of the company’s stock worth $8,341,000 after acquiring an additional 28,660 shares during the last quarter. Finally, HighTower Advisors LLC purchased a new stake in shares of ProPetro in the third quarter valued at about $197,000. 84.70% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Stifel Nicolaus lowered 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. JPMorgan Chase & Co. upgraded shares of ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 target price on the stock in a research report on Friday, December 6th. Barclays cut their price target on ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Finally, Citigroup decreased their price objective on ProPetro from $8.50 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, ProPetro presently has an average rating of “Hold” and an average target price of $10.25.

Insiders Place Their Bets

In related news, CFO David Scott Schorlemer purchased 4,500 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was acquired at an average price of $6.86 per share, with a total value of $30,870.00. Following the completion of the transaction, the chief financial officer now 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.88% of the stock is owned by company insiders.

ProPetro Trading Down 2.3 %

NYSE:PUMP opened at $8.74 on Friday. The business’s 50-day moving average is $8.13 and its two-hundred day moving average is $8.22. The firm has a market capitalization of $899.61 million, a PE ratio of -6.57 and a beta of 2.07. ProPetro Holding Corp. has a 12 month low of $6.53 and a 12 month high of $10.02. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.20 and a quick ratio of 1.14.

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.