SIR Capital Management L.P. Buys 1,254,774 Shares of ProPetro Holding Corp. $PUMP

SIR Capital Management L.P. grew its stake in shares of ProPetro Holding Corp. (NYSE:PUMP) by 1,374.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,346,074 shares of the company’s stock after buying an additional 1,254,774 shares during the period. ProPetro makes up 1.4% of SIR Capital Management L.P.’s portfolio, making the stock its 24th biggest position. SIR Capital Management L.P.’s holdings in ProPetro were worth $12,801,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd bought a new position in ProPetro during the fourth quarter worth about $197,000. Wells Fargo & Company MN boosted its holdings in ProPetro by 44.1% during the fourth quarter. Wells Fargo & Company MN now owns 117,809 shares of the company’s stock worth $1,120,000 after buying an additional 36,063 shares during the last quarter. Brooklyn Investment Group boosted its holdings in ProPetro by 38.9% during the fourth quarter. Brooklyn Investment Group now owns 142,304 shares of the company’s stock worth $1,318,000 after buying an additional 39,828 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in ProPetro by 258.3% during the fourth quarter. Renaissance Technologies LLC now owns 659,100 shares of the company’s stock worth $6,268,000 after buying an additional 475,126 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC bought a new position in ProPetro during the fourth quarter worth about $836,000. Institutional investors own 84.70% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on PUMP. Citigroup raised their target price on ProPetro from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. The Goldman Sachs Group restated a “neutral” rating and set a $16.00 target price on shares of ProPetro in a report on Wednesday, June 3rd. Barclays upgraded ProPetro from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $14.00 to $23.00 in a report on Thursday, May 7th. Piper Sandler lifted their price objective on ProPetro from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Finally, Bank of America assumed coverage on ProPetro in a report on Monday, March 30th. They set a “buy” rating and a $18.00 price objective on the stock. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $16.63.

ProPetro Trading Up 4.8%

NYSE PUMP opened at $15.49 on Friday. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of -140.80 and a beta of 0.70. The stock’s 50 day moving average price is $15.69 and its two-hundred day moving average price is $12.83. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.57 and a current ratio of 1.64. ProPetro Holding Corp. has a 52 week low of $4.51 and a 52 week high of $18.50.

ProPetro (NYSE:PUMP) last released its earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.09. The firm had revenue of $270.69 million for the quarter, compared to analysts’ expectations of $277.49 million. ProPetro had a negative return on equity of 1.43% and a negative net margin of 1.05%.The business’s quarterly revenue was down 24.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.09 EPS. As a group, analysts anticipate that ProPetro Holding Corp. will post -0.08 earnings per share 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.