Bank of New York Mellon Corp Trims Stake in ProPetro Holding Corp. (NYSE:PUMP)

Bank of New York Mellon Corp trimmed its holdings in ProPetro Holding Corp. (NYSE:PUMP - Free Report) by 19.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 555,457 shares of the company's stock after selling 131,234 shares during the period. Bank of New York Mellon Corp owned 0.54% of ProPetro worth $5,182,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of PUMP. GSA Capital Partners LLP bought a new stake in ProPetro during the third quarter worth about $403,000. Victory Capital Management Inc. raised its position in ProPetro by 16.8% in the third quarter. Victory Capital Management Inc. now owns 130,740 shares of the company's stock valued at $1,001,000 after purchasing an additional 18,836 shares during the last quarter. Royce & Associates LP increased its position in ProPetro by 21.1% in the 3rd quarter. Royce & Associates LP now owns 718,827 shares of the company's stock valued at $5,506,000 after acquiring an additional 125,232 shares during the period. Empowered Funds LLC grew its position in shares of ProPetro by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 527,787 shares of the company's stock valued at $4,043,000 after buying an additional 26,800 shares during the last quarter. Finally, Jennison Associates LLC raised its position in shares of ProPetro by 47.4% during the third quarter. Jennison Associates LLC now owns 140,378 shares of the company's stock worth $1,075,000 after acquiring an additional 45,173 shares during the last quarter. 84.70% of the stock is currently owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Several analysts have recently commented on PUMP shares. JPMorgan Chase & Co. raised 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. Benchmark reissued a "hold" rating on shares of ProPetro in a report on Thursday, February 20th. Citigroup lifted their price objective on shares of ProPetro from $8.00 to $10.00 and gave the stock a "neutral" rating in a report on Tuesday, January 7th. Barclays decreased their price target on ProPetro from $12.00 to $11.00 and set an "overweight" rating for the company in a research report on Monday, March 3rd. Finally, Stifel Nicolaus increased their target price on shares of ProPetro from $11.00 to $12.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, ProPetro has a consensus rating of "Hold" and a consensus target price of $10.75.

ProPetro Price Performance

NYSE PUMP traded down $0.06 during trading hours on Friday, reaching $7.24. 1,787,715 shares of the stock traded hands, compared to its average volume of 1,472,000. The stock has a 50 day simple moving average of $8.80 and a two-hundred day simple moving average of $8.43. The company has a market cap of $746.43 million, a price-to-earnings ratio of -5.40 and a beta of 2.03. ProPetro Holding Corp. has a 1 year low of $6.54 and a 1 year high of $11.17. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.31 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.