Principal Financial Group Inc. Decreases Position in ProPetro Holding Corp. (NYSE:PUMP)

Principal Financial Group Inc. trimmed its holdings in ProPetro Holding Corp. (NYSE:PUMP) by 7.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 378,669 shares of the company’s stock after selling 28,707 shares during the quarter. Principal Financial Group Inc. owned about 0.37% of ProPetro worth $2,901,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. CWM LLC boosted 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 buying an additional 1,267 shares in the last quarter. GAMMA Investing LLC lifted its position in ProPetro by 84.3% in the third 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 last quarter. Victory Capital Management Inc. boosted 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 valued at $970,000 after acquiring an additional 1,990 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of 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 purchasing an additional 2,257 shares during the last quarter. Finally, Federated Hermes Inc. increased its position in shares of ProPetro by 8.9% during the second quarter. Federated Hermes Inc. now owns 29,912 shares of the company’s stock worth $259,000 after purchasing an additional 2,446 shares in the last quarter. 84.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at ProPetro

In other ProPetro news, CFO David Scott Schorlemer bought 4,500 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was acquired at an average cost of $6.86 per share, with a total value of $30,870.00. Following the purchase, the chief financial officer now owns 112,992 shares in the company, valued at approximately $775,125.12. This represents a 4.15 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.88% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PUMP shares. Barclays decreased their target price on ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Stifel Nicolaus decreased their price objective on ProPetro from $12.00 to $11.00 and set a “buy” rating for the company in a report on Friday, October 11th. JPMorgan Chase & Co. raised shares of ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 target price on the stock in a report on Friday, December 6th. Finally, Citigroup decreased their price target on shares of ProPetro from $8.50 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. Three research 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, ProPetro currently has a consensus rating of “Hold” and a consensus target price of $10.25.

ProPetro Stock Performance

Shares of PUMP stock opened at $9.87 on Friday. The company has a market capitalization of $1.02 billion, a P/E ratio of -7.42 and a beta of 2.07. The company has a current ratio of 1.20, a quick ratio of 1.14 and a debt-to-equity ratio of 0.05. The business’s 50 day moving average is $8.41 and its two-hundred day moving average is $8.26. ProPetro Holding Corp. has a twelve month low of $6.53 and a twelve month high of $10.06.

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.