JPMorgan Chase & Co. Buys 837,776 Shares of ProPetro Holding Corp. $PUMP

JPMorgan Chase & Co. grew its stake in ProPetro Holding Corp. (NYSE:PUMP) by 103.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,648,055 shares of the company’s stock after purchasing an additional 837,776 shares during the quarter. JPMorgan Chase & Co.’s holdings in ProPetro were worth $8,636,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PUMP. Squarepoint Ops LLC raised its position in shares of ProPetro by 127.3% in the 2nd quarter. Squarepoint Ops LLC now owns 102,166 shares of the company’s stock worth $610,000 after purchasing an additional 57,226 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in ProPetro during the 3rd quarter valued at about $1,569,000. American Century Companies Inc. grew its position in ProPetro by 3.1% during the 2nd quarter. American Century Companies Inc. now owns 3,556,150 shares of the company’s stock valued at $21,230,000 after purchasing an additional 107,090 shares during the last quarter. Towle & Co. increased its stake in ProPetro by 11.5% during the 3rd quarter. Towle & Co. now owns 1,129,914 shares of the company’s stock valued at $5,921,000 after purchasing an additional 116,260 shares in the last quarter. Finally, Quantbot Technologies LP increased its stake in ProPetro by 50.5% during the 3rd quarter. Quantbot Technologies LP now owns 262,804 shares of the company’s stock valued at $1,377,000 after purchasing an additional 88,152 shares in the last quarter. 84.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PUMP has been the topic of several analyst reports. Piper Sandler upped their target price on shares of ProPetro from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 14th. Barclays boosted their price objective on shares of ProPetro from $11.00 to $12.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProPetro in a research report on Monday, December 29th. Wolfe Research upgraded ProPetro to a “buy” rating and set a $13.00 target price on the stock in a research note on Wednesday, December 10th. Finally, JPMorgan Chase & Co. upgraded ProPetro from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $7.00 to $13.00 in a research note on Wednesday, December 10th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $12.83.

ProPetro Stock Down 0.5%

Shares of ProPetro stock opened at $14.33 on Friday. The company has a market cap of $1.75 billion, a price-to-earnings ratio of 1,432.50 and a beta of 0.70. The company has a quick ratio of 1.24, a current ratio of 1.29 and a debt-to-equity ratio of 0.13. The company’s 50 day moving average is $11.32 and its 200 day moving average is $8.98. ProPetro Holding Corp. has a twelve month low of $4.51 and a twelve month high of $14.56.

ProPetro (NYSE:PUMP) last released its quarterly earnings results on Wednesday, February 18th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.14. ProPetro had a return on equity of 0.10% and a net margin of 0.06%.The firm had revenue of $289.68 million for the quarter, compared to the consensus estimate of $279.90 million. During the same period last year, the business posted ($0.17) EPS. The company’s revenue for the quarter was down 9.6% on a year-over-year basis. Research analysts anticipate that ProPetro Holding Corp. will post 0.25 EPS for the current year.

About ProPetro

ProPetro Holding Corp is a publicly traded oilfield services company that specializes in hydraulic fracturing and well completion solutions for exploration and production operators. Headquartered in Midland, Texas, the company delivers a comprehensive suite of pressure pumping services designed to optimize reservoir stimulation and enhance hydrocarbon recovery. Its integrated approach encompasses well design, proppant selection, fluid systems and pressure management to support clients’ development targets across unconventional plays.

The company’s core offerings include high-pressure fracturing, coiled tubing, cementing, acidizing and flowback services, all supported by in-house logistics and digital monitoring tools.