SIR Capital Management L.P. Makes New $11.99 Million Investment in ProPetro Holding Corp. $PUMP

SIR Capital Management L.P. bought a new position in ProPetro Holding Corp. (NYSE:PUMP) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 835,863 shares of the company’s stock, valued at approximately $11,986,000. ProPetro accounts for approximately 1.4% of SIR Capital Management L.P.’s investment portfolio, making the stock its 20th largest holding.

Other hedge funds and other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in 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 acquiring an additional 2,230 shares in the last quarter. Millennium Management LLC boosted its position in shares of ProPetro by 44.6% during the first quarter. Millennium Management LLC now owns 735,731 shares of the company’s stock valued at $5,408,000 after purchasing an additional 226,914 shares in the last quarter. Jones Financial Companies Lllp grew its stake in ProPetro by 16,264.8% in the first quarter. Jones Financial Companies Lllp now owns 27,002 shares of the company’s stock worth $198,000 after purchasing an additional 26,837 shares during the period. Goldman Sachs Group Inc. raised its holdings in ProPetro by 3.7% in the first quarter. Goldman Sachs Group Inc. now owns 609,935 shares of the company’s stock worth $4,483,000 after purchasing an additional 21,519 shares in the last quarter. Finally, Caxton Associates LLP purchased a new position in ProPetro during the first quarter valued at $272,000. Hedge funds and other institutional investors own 84.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Citigroup reduced their target price on shares of ProPetro from $20.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, August 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of ProPetro in a report on Friday, July 31st. The Goldman Sachs Group reiterated a “neutral” rating and set a $16.00 target price on shares of ProPetro in a report on Wednesday, June 3rd. Barclays dropped their price target on ProPetro from $23.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 5th. Finally, Stifel Nicolaus reduced their price objective on ProPetro from $23.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. 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 data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.50.

ProPetro Price Performance

PUMP opened at $10.81 on Tuesday. The firm has a market cap of $1.33 billion, a PE ratio of -98.30 and a beta of 0.77. The stock has a 50-day moving average price of $12.60 and a 200-day moving average price of $13.76. ProPetro Holding Corp. has a 1 year low of $4.52 and a 1 year high of $18.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.09 and a quick ratio of 4.00.

ProPetro (NYSE:PUMP) last released its quarterly earnings data 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 net margin of 1.15% and a negative return on equity of 1.49%. The firm’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.07) earnings per share. Sell-side analysts predict that ProPetro Holding Corp. will post -0.09 earnings per share for the current fiscal year.

Insider Activity at ProPetro

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

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.