ProPetro Holding Corp. (NYSE:PUMP) Short Interest Down 16.7% in March

ProPetro Holding Corp. (NYSE:PUMP) saw a large decline in short interest in March. As of March 13th, there was short interest totaling 9,368,629 shares, a decline of 16.7% from the February 26th total of 11,249,451 shares. Based on an average daily trading volume, of 3,279,615 shares, the days-to-cover ratio is currently 2.9 days. Currently, 7.8% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PUMP shares. Wolfe Research upgraded ProPetro to a “buy” rating and set a $13.00 price target for the company in a research note on Wednesday, December 10th. Bank of America began coverage on ProPetro in a research report on Monday. They issued a “buy” rating and a $18.00 price objective on the stock. JPMorgan Chase & Co. raised ProPetro from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $7.00 to $13.00 in a research note on Wednesday, December 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProPetro in a research report on Monday, December 29th. Finally, Piper Sandler lifted their target price on ProPetro from $16.00 to $17.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, ProPetro currently has an average rating of “Hold” and an average price target of $13.57.

ProPetro Price Performance

NYSE PUMP traded down $0.35 on Wednesday, reaching $14.07. The company had a trading volume of 549,101 shares, compared to its average volume of 3,092,953. The stock has a market capitalization of $1.72 billion, a PE ratio of 1,407.00 and a beta of 0.70. ProPetro has a 12 month low of $4.51 and a 12 month high of $15.49. The company has a quick ratio of 1.24, a current ratio of 1.29 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average price is $12.46 and its 200 day moving average price is $9.84.

ProPetro (NYSE:PUMP) last issued its quarterly earnings data on Wednesday, February 18th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.14. The firm had revenue of $289.68 million during the quarter, compared to analyst estimates of $279.90 million. ProPetro had a return on equity of 0.10% and a net margin of 0.06%.The business’s quarterly revenue was down 9.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.17) earnings per share. As a group, equities analysts predict that ProPetro will post 0.25 earnings per share for the current year.

Institutional Trading of ProPetro

Hedge funds have recently modified their holdings of the company. Aster Capital Management DIFC Ltd purchased a new position in shares of ProPetro in the fourth quarter valued at $56,000. Trek Financial LLC purchased a new stake in ProPetro during the third quarter valued at $57,000. Dark Forest Capital Management LP bought a new position in ProPetro during the third quarter valued at $57,000. MQS Management LLC purchased a new position in shares of ProPetro in the 3rd quarter worth $58,000. Finally, PharVision Advisers LLC purchased a new position in shares of ProPetro in the 2nd quarter worth $60,000. 84.70% of the stock is owned by hedge funds and other institutional investors.

ProPetro Company Profile

ProPetro Holding Corp is a publicly traded oilfield services company that specializes in hydraulic fracturing and well completion solutions for exploration and production operators. Headquartered in Midland, Texas, the company delivers a comprehensive suite of pressure pumping services designed to optimize reservoir stimulation and enhance hydrocarbon recovery. Its integrated approach encompasses well design, proppant selection, fluid systems and pressure management to support clients’ development targets across unconventional plays.

The company’s core offerings include high-pressure fracturing, coiled tubing, cementing, acidizing and flowback services, all supported by in-house logistics and digital monitoring tools.