The Manufacturers Life Insurance Company Makes New Investment in ProPetro Holding Corp. $PUMP

The Manufacturers Life Insurance Company purchased a new stake in shares of ProPetro Holding Corp. (NYSE:PUMP) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 44,265 shares of the company’s stock, valued at approximately $635,000.

A number of other hedge funds have also modified their holdings of the stock. ProShare Advisors LLC raised its holdings in shares of ProPetro by 6.9% during the fourth quarter. ProShare Advisors LLC now owns 14,643 shares of the company’s stock worth $139,000 after acquiring an additional 944 shares in the last quarter. FourThought Financial Partners LLC raised its stake in shares of ProPetro by 3.1% during the 4th quarter. FourThought Financial Partners LLC now owns 60,830 shares of the company’s stock worth $578,000 after purchasing an additional 1,840 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of ProPetro by 4.5% during the 1st 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 during the last quarter. Jane Street Group LLC grew its stake in shares of ProPetro by 1.4% in the 1st quarter. Jane Street Group LLC now owns 224,275 shares of the company’s stock valued at $1,648,000 after buying an additional 3,100 shares in the last quarter. Finally, Lazard Asset Management LLC increased its holdings in ProPetro by 6.3% in the first quarter. Lazard Asset Management LLC now owns 54,637 shares of the company’s stock worth $787,000 after buying an additional 3,219 shares during the last quarter. 84.70% of the stock is owned by institutional investors and hedge funds.

ProPetro Trading Up 0.2%

NYSE:PUMP opened at $11.49 on Monday. The company’s 50 day moving average is $11.95 and its 200-day moving average is $13.74. The company has a quick ratio of 4.00, a current ratio of 4.09 and a debt-to-equity ratio of 0.80. ProPetro Holding Corp. has a 12 month low of $4.52 and a 12 month high of $18.50. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of -104.45 and a beta of 0.77.

ProPetro (NYSE:PUMP) last posted its quarterly earnings data on Wednesday, July 29th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company posted ($0.07) earnings per share. Equities analysts anticipate that ProPetro Holding Corp. will post -0.09 EPS for the current year.

Insider Activity

In related news, Director G Lawrence sold 35,831 shares of the business’s stock in a transaction dated 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 transaction, the director owned 28,181 shares of the company’s stock, valued at approximately $314,499.96. The trade was a 55.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Adam Muñoz sold 70,696 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $11.17, for a total value of $789,674.32. Following 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 position. The SEC filing for this sale provides additional information. Company insiders own 1.55% of the company’s stock.

Wall Street Analyst Weigh In

PUMP has been the subject of a number of analyst reports. Odeon Capital Group began coverage on shares of ProPetro in a research note on Thursday, May 28th. They issued a “buy” rating for the company. Citigroup cut their price target on shares of ProPetro from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, August 3rd. Stifel Nicolaus decreased their price objective on shares of ProPetro from $23.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 3rd. Barclays lowered their target price on shares of ProPetro from $23.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of ProPetro in a report on Friday, July 31st. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.12.

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.