Corsair Capital Management L.P. Takes $720,000 Position in ProPetro Holding Corp. $PUMP

Corsair Capital Management L.P. bought a new position in ProPetro Holding Corp. (NYSE:PUMP) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 50,000 shares of the company’s stock, valued at approximately $720,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PUMP. Cooper Creek Partners Management LLC purchased a new stake in ProPetro during the first quarter valued at about $42,748,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of ProPetro by 561.4% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,653,600 shares of the company’s stock worth $23,828,000 after purchasing an additional 1,403,600 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of ProPetro by 10.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,449,379 shares of the company’s stock valued at $49,706,000 after purchasing an additional 316,022 shares in the last quarter. Caxton Associates LLP lifted its stake in shares of ProPetro by 55.2% in the 1st quarter. Caxton Associates LLP now owns 96,048 shares of the company’s stock valued at $1,384,000 after purchasing an additional 34,162 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in shares of ProPetro by 113.7% during the 1st quarter. Sei Investments Co. now owns 534,059 shares of the company’s stock worth $7,696,000 after purchasing an additional 284,109 shares during the period. Institutional investors and hedge funds own 84.70% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Stifel Nicolaus set a $23.00 price target on shares of ProPetro in a report on Thursday, July 2nd. The Goldman Sachs Group reiterated a “neutral” rating and set a $16.00 price objective on shares of ProPetro in a research note on Wednesday, June 3rd. Bank of America assumed coverage on shares of ProPetro in a research report on Monday, March 30th. They issued a “buy” rating and a $18.00 price objective for the company. Barclays raised shares of ProPetro from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $14.00 to $23.00 in a research note on Thursday, May 7th. Finally, Weiss Ratings lowered shares of ProPetro from a “sell (d+)” rating to a “sell (d-)” rating in a report on Monday, May 4th. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, ProPetro has an average rating of “Moderate Buy” and a consensus target price of $18.25.

ProPetro Stock Performance

ProPetro stock opened at $11.78 on Monday. The stock’s 50 day moving average price is $14.57 and its 200 day moving average price is $13.64. The firm has a market capitalization of $1.44 billion, a PE ratio of -107.05 and a beta of 0.72. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.57 and a current ratio of 1.64. ProPetro Holding Corp. has a one year low of $4.51 and a one year high of $18.50.

ProPetro (NYSE:PUMP) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.09. The company had revenue of $270.69 million during the quarter, compared to the consensus estimate of $277.49 million. ProPetro had a negative net margin of 1.05% and a negative return on equity of 1.43%. ProPetro’s revenue for the quarter was down 24.6% on a year-over-year basis. During the same quarter last year, the company earned $0.09 earnings per share. As a group, sell-side analysts expect that ProPetro Holding Corp. will post -0.02 EPS for the current fiscal 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.