Jennison Associates LLC Trims Stake in ProPetro Holding Corp. (NYSE:PUMP)

Jennison Associates LLC decreased its stake in ProPetro Holding Corp. (NYSE:PUMP - Free Report) by 51.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 68,099 shares of the company's stock after selling 72,279 shares during the period. Jennison Associates LLC owned about 0.07% of ProPetro worth $635,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in PUMP. Sei Investments Co. raised its position in ProPetro by 10.9% during the second quarter. Sei Investments Co. now owns 43,657 shares of the company's stock valued at $379,000 after purchasing an additional 4,276 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in ProPetro by 6.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,392 shares of the company's stock worth $324,000 after buying an additional 2,257 shares during the last quarter. Creative Planning boosted its stake in ProPetro by 28.4% in the second quarter. Creative Planning now owns 31,793 shares of the company's stock worth $276,000 after buying an additional 7,025 shares in the last quarter. Truist Financial Corp grew its position in ProPetro by 214.9% during the second quarter. Truist Financial Corp now owns 44,037 shares of the company's stock valued at $382,000 after acquiring an additional 30,053 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of ProPetro by 84.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,221 shares of the company's stock worth $25,000 after acquiring an additional 1,473 shares during the last quarter. Hedge funds and other institutional investors own 84.70% of the company's stock.

Wall Street Analyst Weigh In

PUMP has been the topic of several recent research reports. JPMorgan Chase & Co. raised shares of ProPetro from an "underweight" rating to a "neutral" rating and set a $10.00 target price on the stock in a report on Friday, December 6th. Citigroup increased their price objective on ProPetro from $8.00 to $10.00 and gave the company a "neutral" rating in a research note on Tuesday, January 7th. Finally, Barclays dropped their price objective on ProPetro from $13.00 to $12.00 and set an "overweight" rating for the company in a report on Wednesday, October 16th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, ProPetro has a consensus rating of "Hold" and a consensus target price of $10.75.

ProPetro Stock Up 1.4 %

Shares of NYSE:PUMP traded up $0.13 on Tuesday, hitting $9.04. 979,979 shares of the company traded hands, compared to its average volume of 1,385,407. The stock has a 50 day simple moving average of $9.46 and a 200-day simple moving average of $8.51. The company has a quick ratio of 1.14, a current ratio of 1.20 and a debt-to-equity ratio of 0.05. The company has a market cap of $929.97 million, a PE ratio of -6.79 and a beta of 1.98. ProPetro Holding Corp. has a 52 week low of $6.53 and a 52 week high of $11.17.

ProPetro Company Profile

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.