Raymond James Financial Inc. Acquires New Position in ProPetro Holding Corp. (NYSE:PUMP)

Raymond James Financial Inc. bought a new stake in shares of ProPetro Holding Corp. (NYSE:PUMP) in the 4th quarter, Holdings Channel.com reports. The fund bought 10,048 shares of the company’s stock, valued at approximately $94,000.

Several other hedge funds have also recently added to or reduced their stakes in PUMP. Barclays PLC grew its holdings in ProPetro by 109.2% in the third quarter. Barclays PLC now owns 242,057 shares of the company’s stock valued at $1,855,000 after purchasing an additional 126,346 shares during the period. New York State Common Retirement Fund increased its stake in shares of ProPetro by 46.9% in the fourth quarter. New York State Common Retirement Fund now owns 23,498 shares of the company’s stock worth $219,000 after buying an additional 7,502 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of ProPetro by 1.6% in the fourth quarter. Principal Financial Group Inc. now owns 384,768 shares of the company’s stock worth $3,590,000 after buying an additional 6,099 shares during the last quarter. SG Americas Securities LLC bought a new stake in ProPetro during the fourth quarter valued at $948,000. Finally, Franklin Resources Inc. increased its stake in ProPetro by 5.8% during the third quarter. Franklin Resources Inc. now owns 61,979 shares of the company’s stock valued at $513,000 after purchasing an additional 3,417 shares during the last quarter. 84.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on PUMP shares. Barclays lowered 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 report on Thursday, February 20th. Finally, Stifel Nicolaus reduced their price objective on shares of ProPetro from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $10.50.

ProPetro Trading Up 1.8%

NYSE:PUMP opened at $6.11 on Wednesday. The stock’s 50 day moving average price is $6.07 and its 200 day moving average price is $7.88. ProPetro Holding Corp. has a 52 week low of $4.61 and a 52 week high of $11.17. The company has a market capitalization of $634.89 million, a P/E ratio of -4.56 and a beta of 1.19. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.14 and a current ratio of 1.31.

ProPetro (NYSE:PUMP) last released its quarterly earnings results on Tuesday, April 29th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. The company had revenue of $359.42 million for the quarter, compared to analyst estimates of $344.36 million. ProPetro had a negative net margin of 9.55% and a positive return on equity of 3.20%. The company’s quarterly revenue was down 11.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.18 earnings per share. On average, research analysts forecast that ProPetro Holding Corp. will post 0.25 EPS for the current fiscal year.

ProPetro 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.