Geode Capital Management LLC Cuts Stake in ProPetro Holding Corp. (NYSE:PUMP)

Geode Capital Management LLC lowered its holdings in ProPetro Holding Corp. (NYSE:PUMP) by 2.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,930,216 shares of the company’s stock after selling 44,821 shares during the period. Geode Capital Management LLC owned approximately 1.88% of ProPetro worth $14,788,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PUMP. Pacer Advisors Inc. increased its holdings in shares of ProPetro by 95.4% in the third quarter. Pacer Advisors Inc. now owns 7,152,687 shares of the company’s stock worth $54,790,000 after buying an additional 3,491,723 shares during the period. Dimensional Fund Advisors LP increased its position in shares of ProPetro by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,095,253 shares of the company’s stock valued at $61,515,000 after acquiring an additional 54,555 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of ProPetro by 21.3% in the 2nd quarter. American Century Companies Inc. now owns 2,515,579 shares of the company’s stock worth $21,810,000 after purchasing an additional 441,644 shares in the last quarter. Encompass Capital Advisors LLC grew its stake in shares of ProPetro by 2.4% in the second quarter. Encompass Capital Advisors LLC now owns 1,526,485 shares of the company’s stock worth $13,235,000 after acquiring an additional 36,339 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC boosted its holdings in ProPetro by 2.7% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 1,088,880 shares of the company’s stock worth $8,341,000 after purchasing an additional 28,660 shares during the last quarter. 84.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Insider Activity

In related news, CFO David Scott Schorlemer bought 4,500 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was purchased 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 directly owns 112,992 shares of the company’s stock, valued at $775,125.12. This trade represents a 4.15 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.88% of the company’s stock.

ProPetro Stock Up 0.1 %

Shares of NYSE:PUMP opened at $9.04 on Monday. The business has a fifty day moving average of $8.23 and a two-hundred day moving average of $8.21. The company has a quick ratio of 1.14, a current ratio of 1.20 and a debt-to-equity ratio of 0.05. The stock has a market cap of $930.49 million, a P/E ratio of -6.80 and a beta of 2.07. ProPetro Holding Corp. has a 52-week low of $6.53 and a 52-week high of $10.02.

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.