Nuveen LLC Invests $11.76 Million in ProPetro Holding Corp. $PUMP

Nuveen LLC purchased a new position in shares of ProPetro Holding Corp. (NYSE:PUMP) in the first quarter, HoldingsChannel reports. The institutional investor purchased 1,599,533 shares of the company’s stock, valued at approximately $11,757,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sourcerock Group LLC bought a new position in shares of ProPetro during the fourth quarter worth about $14,079,000. Pacer Advisors Inc. bought a new stake in ProPetro during the first quarter worth approximately $7,401,000. Balyasny Asset Management L.P. bought a new stake in ProPetro during the fourth quarter worth approximately $4,934,000. Millennium Management LLC boosted its stake in ProPetro by 359.2% in the 4th 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. Finally, Bank of America Corp DE boosted its stake in ProPetro by 107.9% in the 4th quarter. Bank of America Corp DE now owns 470,406 shares of the company’s stock worth $4,389,000 after purchasing an additional 244,135 shares during the period. 84.70% of the stock is owned by hedge funds and other institutional investors.

ProPetro Price Performance

Shares of ProPetro stock opened at $4.9090 on Friday. ProPetro Holding Corp. has a 1-year low of $4.51 and a 1-year high of $11.17. The firm’s 50-day moving average price is $5.73 and its two-hundred day moving average price is $6.28. The stock has a market capitalization of $510.39 million, a price-to-earnings ratio of -3.34 and a beta of 1.18. The company has a current ratio of 1.42, a quick ratio of 1.35 and a debt-to-equity ratio of 0.07.

ProPetro (NYSE:PUMP) last announced its earnings results on Wednesday, July 30th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.10). ProPetro had a positive return on equity of 1.84% and a negative net margin of 11.10%.The company had revenue of $326.15 million for the quarter, compared to analyst estimates of $331.26 million. During the same quarter in the previous year, the company posted ($0.03) earnings per share. ProPetro’s revenue for the quarter was down 9.2% on a year-over-year basis. On average, equities analysts predict that ProPetro Holding Corp. will post 0.25 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PUMP shares. Stifel Nicolaus set a $10.00 target price on shares of ProPetro and gave the stock a “buy” rating in a research report on Wednesday, July 16th. JPMorgan Chase & Co. cut their price target on shares of ProPetro from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, May 28th. Finally, Piper Sandler dropped their target price on shares of ProPetro from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Thursday, August 14th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $8.80.

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.