Wedge Capital Management L L P NC Lowers Stock Position in ProPetro Holding Corp. $PUMP

Wedge Capital Management L L P NC cut its holdings in ProPetro Holding Corp. (NYSE:PUMP) by 24.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 140,569 shares of the company’s stock after selling 45,075 shares during the quarter. Wedge Capital Management L L P NC owned about 0.14% of ProPetro worth $1,337,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PUMP. Sourcerock Group LLC raised its stake in ProPetro by 66.4% during the 2nd quarter. Sourcerock Group LLC now owns 8,408,391 shares of the company’s stock valued at $50,198,000 after acquiring an additional 3,355,848 shares during the last quarter. Philosophy Capital Management LLC grew its stake in shares of ProPetro by 14.8% in the 3rd quarter. Philosophy Capital Management LLC now owns 4,047,280 shares of the company’s stock valued at $21,208,000 after purchasing an additional 520,327 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of ProPetro by 5.4% in the third quarter. American Century Companies Inc. now owns 3,748,788 shares of the company’s stock valued at $19,644,000 after purchasing an additional 192,638 shares during the period. VR Advisory Services Ltd increased its holdings in shares of ProPetro by 213.2% in the third quarter. VR Advisory Services Ltd now owns 3,679,359 shares of the company’s stock valued at $19,280,000 after purchasing an additional 2,504,634 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of ProPetro by 209.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,704,145 shares of the company’s stock valued at $14,170,000 after purchasing an additional 1,830,399 shares during the period. Hedge funds and other institutional investors own 84.70% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on PUMP shares. JPMorgan Chase & Co. raised shares of ProPetro from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $7.00 to $13.00 in a research note on Wednesday, December 10th. Bank of America began coverage on shares of ProPetro in a report on Monday. They issued a “buy” rating and a $18.00 target price on the stock. Piper Sandler boosted their price target on shares of ProPetro from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 14th. Weiss Ratings restated a “sell (d-)” rating on shares of ProPetro in a research report on Monday, December 29th. Finally, Wolfe Research raised ProPetro to a “buy” rating and set a $13.00 price objective on the stock in a report on Wednesday, December 10th. Five equities 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.com, the company currently has an average rating of “Hold” and a consensus price target of $13.57.

ProPetro Stock Up 0.1%

PUMP opened at $14.71 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.24 and a current ratio of 1.29. The company has a market cap of $1.79 billion, a price-to-earnings ratio of 1,470.50 and a beta of 0.70. ProPetro Holding Corp. has a one year low of $4.51 and a one year high of $15.49. The business’s fifty day moving average is $12.38 and its two-hundred day moving average is $9.77.

ProPetro (NYSE:PUMP) last announced its quarterly earnings results on Wednesday, February 18th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.14. The company had revenue of $289.68 million for the quarter, compared to the consensus estimate of $279.90 million. ProPetro had a net margin of 0.06% and a return on equity of 0.10%. The company’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.17) earnings per share. Analysts anticipate that ProPetro Holding Corp. will post 0.25 EPS for the current fiscal year.

About ProPetro

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.