Readystate Asset Management LP Has $5.82 Million Stock Position in ProPetro Holding Corp. $PUMP

Readystate Asset Management LP lifted its stake in shares of ProPetro Holding Corp. (NYSE:PUMP) by 285.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 405,748 shares of the company’s stock after buying an additional 300,535 shares during the period. Readystate Asset Management LP owned about 0.33% of ProPetro worth $5,818,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PUMP. Public Employees Retirement System of Ohio acquired a new position in ProPetro in the 2nd quarter worth about $74,000. State of Wyoming acquired a new position in shares of ProPetro in the first quarter valued at approximately $83,000. Aster Capital Management DIFC Ltd bought a new position in ProPetro in the 4th quarter valued at approximately $56,000. Raymond James Financial Inc. acquired a new stake in ProPetro during the 2nd quarter worth approximately $60,000. Finally, Tower Research Capital LLC TRC grew its holdings in ProPetro by 70.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,789 shares of the company’s stock worth $64,000 after acquiring an additional 4,461 shares during the last quarter. 84.70% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PUMP. Barclays dropped their price target on shares of ProPetro from $23.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, August 5th. Citigroup lowered their target price on ProPetro from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProPetro in a report on Friday, July 31st. Piper Sandler reduced their price target on ProPetro from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Thursday, August 27th. Finally, Wall Street Zen cut ProPetro from a “hold” rating to a “sell” rating in a research note on Saturday, August 29th. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $16.12.

Insider Transactions at ProPetro

In related news, Director G Lawrence sold 35,831 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $11.16, for a total transaction of $399,873.96. Following the completion of the sale, the director owned 28,181 shares of the company’s stock, valued at $314,499.96. This trade represents a 55.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Adam Muñoz sold 70,696 shares of ProPetro stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $11.17, for a total value of $789,674.32. Following the completion of the sale, the chief operating officer owned 148,691 shares of the company’s stock, valued at approximately $1,660,878.47. The trade was a 32.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.55% of the company’s stock.

ProPetro Trading Up 0.2%

NYSE:PUMP opened at $11.49 on Monday. ProPetro Holding Corp. has a 52 week low of $4.52 and a 52 week high of $18.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 4.00 and a current ratio of 4.09. The firm’s fifty day moving average is $11.95 and its 200-day moving average is $13.74. The firm has a market cap of $1.41 billion, a P/E ratio of -104.45 and a beta of 0.77.

ProPetro (NYSE:PUMP) last announced its earnings results on Wednesday, July 29th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). The firm had revenue of $305.81 million for the quarter, compared to the consensus estimate of $304.48 million. ProPetro had a negative return on equity of 1.49% and a negative net margin of 1.15%.ProPetro’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.07) EPS. Equities analysts expect that ProPetro Holding Corp. will post -0.09 earnings per share for the current year.

ProPetro Profile

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.