ProPetro Holding Corp. (NYSE:PUMP) Short Interest Down 20.2% in March

by · The Markets Daily

ProPetro Holding Corp. (NYSE:PUMP – Get Free Report) saw a significant drop in short interest in the month of March. As of March 15th, there was short interest totalling 9,190,000 shares, a drop of 20.2% from the February 28th total of 11,510,000 shares. Currently, 11.7% of the company’s shares are sold short. Based on an average trading volume of 1,830,000 shares, the days-to-cover ratio is currently 5.0 days.

Analyst Upgrades and Downgrades

PUMP has been the topic of a number of research analyst reports. Barclays reduced their price objective on shares of ProPetro from $12.00 to $11.00 and set an “overweight” rating on the stock in a research report on Monday, March 3rd. JPMorgan Chase & Co. raised shares of ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price target for the company in a research note on Friday, December 6th. Stifel Nicolaus upped their target price on ProPetro from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Benchmark restated a “hold” rating on shares of ProPetro in a research note on Thursday, February 20th. Finally, Citigroup upped their price target on ProPetro from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $10.75.

Read Our Latest Stock Analysis on PUMP

Institutional Investors Weigh In On ProPetro

Several hedge funds have recently added to or reduced their stakes in PUMP. Intech Investment Management LLC raised its position in shares of ProPetro by 38.9% in the 3rd quarter. Intech Investment Management LLC now owns 42,057 shares of the company’s stock worth $322,000 after purchasing an additional 11,774 shares during the last quarter. Quantbot Technologies LP purchased a new position in ProPetro in the third quarter worth about $444,000. FMR LLC lifted its stake in shares of ProPetro by 271.0% in the third quarter. FMR LLC now owns 27,004 shares of the company’s stock worth $207,000 after buying an additional 19,726 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in shares of ProPetro by 248.5% during the third quarter. BNP Paribas Financial Markets now owns 108,660 shares of the company’s stock valued at $832,000 after buying an additional 77,477 shares during the last quarter. Finally, Verition Fund Management LLC increased its position in shares of ProPetro by 147.1% during the third quarter. Verition Fund Management LLC now owns 71,909 shares of the company’s stock valued at $551,000 after acquiring an additional 42,804 shares in the last quarter. 84.70% of the stock is owned by institutional investors.

ProPetro Stock Up 0.5 %

Shares of PUMP traded up $0.04 during mid-day trading on Wednesday, reaching $7.58. The company had a trading volume of 927,861 shares, compared to its average volume of 1,545,428. ProPetro has a 52 week low of $6.54 and a 52 week high of $11.17. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.14 and a current ratio of 1.31. The company has a market capitalization of $782.02 million, a price-to-earnings ratio of -5.66 and a beta of 2.03. The firm has a 50-day moving average price of $8.28 and a 200 day moving average price of $8.45.

About ProPetro

(Get Free Report)

ProPetro Holding Corp. operates as an integrated oilfield services company. The company provides hydraulic fracturing, wireline, cementing, and other complementary oilfield completion services to upstream oil and gas companies in the Permian Basin. ProPetro Holding Corp. was founded in 2007 and is headquartered in Midland, Texas.

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