Readystate Asset Management LP Takes $1.52 Million Position in ProPetro Holding Corp. $PUMP

Readystate Asset Management LP acquired a new position in shares of ProPetro Holding Corp. (NYSE:PUMP) in the first quarter, HoldingsChannel.com reports. The institutional investor acquired 105,213 shares of the company’s stock, valued at approximately $1,516,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in ProPetro by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,534 shares of the company’s stock valued at $379,000 after buying an additional 2,230 shares in the last quarter. Millennium Management LLC increased its holdings in shares of ProPetro by 44.6% during the first quarter. Millennium Management LLC now owns 735,731 shares of the company’s stock worth $5,408,000 after buying an additional 226,914 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of ProPetro by 16,264.8% during the first quarter. Jones Financial Companies Lllp now owns 27,002 shares of the company’s stock worth $198,000 after buying an additional 26,837 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of ProPetro by 3.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 609,935 shares of the company’s stock valued at $4,483,000 after acquiring an additional 21,519 shares during the last quarter. Finally, Caxton Associates LLP bought a new position in shares of ProPetro in the 1st quarter valued at $272,000. Institutional investors own 84.70% of the company’s stock.

ProPetro Stock Performance

Shares of ProPetro stock opened at $10.70 on Wednesday. The company has a quick ratio of 1.57, a current ratio of 1.64 and a debt-to-equity ratio of 0.08. ProPetro Holding Corp. has a twelve month low of $4.51 and a twelve month high of $18.50. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of -97.30 and a beta of 0.72. The company’s fifty day moving average is $14.28 and its 200 day moving average is $13.66.

ProPetro (NYSE:PUMP) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.09. The firm had revenue of $270.69 million for the quarter, compared to analyst estimates of $277.49 million. ProPetro had a negative return on equity of 1.43% and a negative net margin of 1.05%.The business’s revenue was down 24.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.09 EPS. Sell-side analysts forecast that ProPetro Holding Corp. will post -0.02 EPS for the current year.

Analyst Upgrades and Downgrades

PUMP has been the topic of a number of research reports. Stifel Nicolaus set a $23.00 price objective on ProPetro in a research report on Thursday, July 2nd. Odeon Capital Group began coverage on ProPetro in a research report on Thursday, May 28th. They issued a “buy” rating for the company. Citigroup lifted their price target on ProPetro from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Piper Sandler boosted their price target on ProPetro from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $16.00 price objective on shares of ProPetro in a research note on Wednesday, June 3rd. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, ProPetro currently has an average rating of “Moderate Buy” and a consensus price target of $18.25.

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.