Franklin Resources Inc. Purchases 3,417 Shares of ProPetro Holding Corp. (NYSE:PUMP)

Franklin Resources Inc. lifted its position in shares of ProPetro Holding Corp. (NYSE:PUMP) by 5.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 61,979 shares of the company’s stock after acquiring an additional 3,417 shares during the quarter. Franklin Resources Inc. owned approximately 0.06% of ProPetro worth $513,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in shares of ProPetro by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 780,498 shares of the company’s stock worth $6,767,000 after purchasing an additional 14,144 shares in the last quarter. Chilton Capital Management LLC grew its stake in 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 in the last quarter. Victory Capital Management Inc. grew its stake in ProPetro by 1.8% in the 2nd quarter. Victory Capital Management Inc. now owns 111,904 shares of the company’s stock valued at $970,000 after buying an additional 1,990 shares in the last quarter. Arizona State Retirement System raised its holdings in ProPetro by 12.6% during the 2nd quarter. Arizona State Retirement System now owns 25,596 shares of the company’s stock valued at $222,000 after acquiring an additional 2,874 shares during the period. Finally, LSV Asset Management lifted its position in shares of ProPetro by 28.2% during the second quarter. LSV Asset Management now owns 59,500 shares of the company’s stock worth $516,000 after acquiring an additional 13,100 shares in the last quarter. Hedge funds and other institutional investors own 84.70% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on PUMP shares. Stifel Nicolaus decreased their price objective on ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. JPMorgan Chase & Co. upgraded shares of ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price objective for the company in a research report on Friday, December 6th. Barclays reduced their price target on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Finally, Citigroup lowered their price target on ProPetro from $8.50 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus 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 on Monday, November 4th. The shares were 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 directly owns 112,992 shares of the company’s stock, valued at approximately $775,125.12. This trade represents a 4.15 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 0.88% of the stock is currently owned by insiders.

ProPetro Stock Up 2.2 %

Shares of NYSE PUMP opened at $9.24 on Tuesday. The stock has a market capitalization of $951.07 million, a P/E ratio of -6.95 and a beta of 2.07. ProPetro Holding Corp. has a one year low of $6.53 and a one year high of $10.02. The firm’s 50 day simple moving average is $8.26 and its two-hundred day simple moving average is $8.22. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.20 and a quick ratio of 1.14.

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.