Short Interest in ProPetro Holding Corp. (NYSE:PUMP) Declines By 20.2%

ProPetro Holding Corp. (NYSE:PUMP - Get Free Report) saw a significant decrease in short interest in March. As of March 15th, there was short interest totalling 9,190,000 shares, a decrease of 20.2% from the February 28th total of 11,510,000 shares. Approximately 11.7% of the company's shares are short sold. Based on an average trading volume of 1,830,000 shares, the short-interest ratio is presently 5.0 days.

Hedge Funds Weigh In On ProPetro

Large investors have recently modified their holdings of the stock. Sourcerock Group LLC acquired a new stake in ProPetro during the fourth quarter valued at approximately $14,079,000. Van ECK Associates Corp increased its holdings in shares of ProPetro by 57.3% in the 4th quarter. Van ECK Associates Corp now owns 1,527,598 shares of the company's stock valued at $14,253,000 after acquiring an additional 556,747 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of ProPetro during the 4th quarter valued at approximately $4,934,000. Point72 Asset Management L.P. bought a new position in ProPetro during the third quarter worth $3,525,000. Finally, Millennium Management LLC boosted its holdings in ProPetro by 359.2% in the fourth quarter. Millennium Management LLC now owns 508,817 shares of the company's stock worth $4,747,000 after purchasing an additional 398,021 shares during the period. Institutional investors own 84.70% of the company's stock.

ProPetro Stock Down 14.2 %

Shares of PUMP stock traded down $0.89 during mid-day trading on Friday, reaching $5.38. 1,408,221 shares of the company were exchanged, compared to its average volume of 1,547,517. The business's 50 day simple moving average is $8.13 and its 200 day simple moving average is $8.43. The company has a market capitalization of $555.05 million, a P/E ratio of -4.01 and a beta of 2.03. ProPetro has a fifty-two week low of $5.25 and a fifty-two week high of $11.17. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.14 and a current ratio of 1.31.

Remove Ads

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on PUMP shares. Barclays decreased their price target on shares of ProPetro from $12.00 to $11.00 and set an "overweight" rating for the company in a research report on Monday, March 3rd. Benchmark reissued a "hold" rating on shares of ProPetro in a research report on Thursday, February 20th. JPMorgan Chase & Co. upgraded shares of ProPetro from an "underweight" rating to a "neutral" rating and set a $10.00 price objective on the stock in a research note on Friday, December 6th. Citigroup upped their target price on shares of ProPetro from $8.00 to $10.00 and gave the company a "neutral" rating in a research note on Tuesday, January 7th. Finally, Stifel Nicolaus lifted their price target on shares of ProPetro from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $10.75.

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.