Engineers Gate Manager LP Purchases 246,278 Shares of ProPetro Holding Corp. $PUMP

Engineers Gate Manager LP boosted its position in shares of ProPetro Holding Corp. (NYSE:PUMP) by 477.9% in the 2nd quarter, Holdings Channel.com reports. The fund owned 297,809 shares of the company’s stock after purchasing an additional 246,278 shares during the period. Engineers Gate Manager LP’s holdings in ProPetro were worth $4,271,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PUMP. Assenagon Asset Management S.A. bought a new position in shares of ProPetro in the second quarter worth $18,700,000. Y Intercept Hong Kong Ltd bought a new stake in ProPetro during the first quarter valued at $2,045,000. Fund 1 Investments LLC boosted its stake in ProPetro by 2,653.6% during the second quarter. Fund 1 Investments LLC now owns 1,793,882 shares of the company’s stock valued at $25,724,000 after buying an additional 1,728,736 shares during the period. Jefferies Financial Group Inc. purchased a new position in ProPetro during the fourth quarter worth about $3,085,000. Finally, Manatuck Hill Partners LLC purchased a new position in ProPetro during the second quarter worth about $5,019,000. Institutional investors own 84.70% of the company’s stock.

ProPetro Stock Down 0.8%

Shares of NYSE:PUMP opened at $11.41 on Friday. The firm has a market capitalization of $1.40 billion, a PE ratio of -103.69 and a beta of 0.77. The company has a debt-to-equity ratio of 0.80, a quick ratio of 4.00 and a current ratio of 4.09. ProPetro Holding Corp. has a 52-week low of $4.64 and a 52-week high of $18.50. The firm has a fifty day moving average of $11.79 and a 200 day moving average of $13.74.

ProPetro (NYSE:PUMP) last released its quarterly earnings results on Wednesday, July 29th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). ProPetro had a negative net margin of 1.15% and a negative return on equity of 1.49%. The firm had revenue of $305.81 million for the quarter, compared to analysts’ expectations of $304.48 million. During the same quarter in the previous year, the business earned ($0.07) EPS. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. As a group, research analysts anticipate that ProPetro Holding Corp. will post -0.1 EPS for the current fiscal year.

Insider Activity

In other news, Director G Lawrence sold 35,831 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $11.16, for a total transaction of $399,873.96. Following the transaction, the director directly owned 28,181 shares in the company, valued at approximately $314,499.96. This represents a 55.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Adam Muñoz sold 70,696 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $11.17, for a total value of $789,674.32. Following the transaction, the chief operating officer directly owned 148,691 shares in the company, valued at approximately $1,660,878.47. This represents a 32.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.55% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have weighed in on PUMP. Stifel Nicolaus lowered their price target on ProPetro from $23.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 3rd. Odeon Capital Group initiated coverage on ProPetro in a report on Thursday, May 28th. They set a “buy” rating for the company. Citigroup decreased their price objective on shares of ProPetro from $20.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, August 3rd. Wall Street Zen cut shares of ProPetro from a “hold” rating to a “sell” rating in a research report on Saturday, August 29th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProPetro in a research note on Friday, July 31st. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $16.12.

About ProPetro

ProPetro Holding Corp. is an oilfield services company that provides completion and production services to exploration and production companies developing unconventional oil and natural gas wells. The company primarily serves customers in the Permian Basin, including the Midland and Delaware basins of West Texas and southeastern New Mexico.

Its principal services include hydraulic fracturing, which uses high-pressure fluid to stimulate wells, as well as wireline services used for well evaluation, perforating and other completion activities.