Truist Financial Corp Raises Stock Position in ProPetro Holding Corp. (NYSE:PUMP)

Truist Financial Corp grew its holdings in ProPetro Holding Corp. (NYSE:PUMP) by 214.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,037 shares of the company’s stock after purchasing an additional 30,053 shares during the quarter. Truist Financial Corp’s holdings in ProPetro were worth $382,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Quarry LP acquired a new position in shares of ProPetro in the 2nd quarter valued at $40,000. Chilton Capital Management LLC boosted its holdings in shares of ProPetro by 87.1% in the 2nd 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. Innealta Capital LLC acquired a new position in ProPetro during the 2nd quarter valued at about $76,000. Vanguard Personalized Indexing Management LLC acquired a new position in ProPetro during the 2nd quarter valued at about $94,000. Finally, Headlands Technologies LLC bought a new stake in shares of ProPetro during the 2nd quarter worth about $99,000. Institutional investors and hedge funds own 84.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Barclays dropped their target price on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday. Stifel Nicolaus decreased their target price on shares of ProPetro from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Friday, October 11th.

Insider Activity at ProPetro

In other ProPetro news, Director Michele Vion sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $8.26, for a total transaction of $41,300.00. Following the sale, the director now directly owns 34,006 shares in the company, valued at approximately $280,889.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.88% of the stock is currently owned by corporate insiders.

ProPetro Stock Down 2.0 %

PUMP opened at $8.01 on Friday. ProPetro Holding Corp. has a twelve month low of $6.74 and a twelve month high of $11.37. The firm’s 50-day simple moving average is $7.97 and its 200-day simple moving average is $8.51. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.04 and a current ratio of 1.11. The firm has a market cap of $861.88 million, a price-to-earnings ratio of 11.96 and a beta of 2.02.

ProPetro (NYSE:PUMP) last issued its earnings results on Wednesday, July 31st. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.11). The business had revenue of $357.00 million during the quarter, compared to the consensus estimate of $361.85 million. ProPetro had a net margin of 2.21% and a return on equity of 3.39%. The firm’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same period last year, the business posted $0.34 EPS. Equities research analysts anticipate that ProPetro Holding Corp. will post 0.24 EPS for the current fiscal year.

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.