Empowered Funds LLC Purchases 26,800 Shares of ProPetro Holding Corp. (NYSE:PUMP)

Empowered Funds LLC grew its holdings in shares of ProPetro Holding Corp. (NYSE:PUMP) by 5.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 527,787 shares of the company’s stock after buying an additional 26,800 shares during the quarter. Empowered Funds LLC owned 0.51% of ProPetro worth $4,043,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Dimensional Fund Advisors LP grew its position in ProPetro by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,095,253 shares of the company’s stock valued at $61,515,000 after acquiring an additional 54,555 shares during the last quarter. Pacer Advisors Inc. bought a new position in shares of ProPetro in the second quarter worth about $31,741,000. American Century Companies Inc. increased its stake in ProPetro by 21.3% in the 2nd quarter. American Century Companies Inc. now owns 2,515,579 shares of the company’s stock worth $21,810,000 after buying an additional 441,644 shares during the period. Encompass Capital Advisors LLC increased its stake in ProPetro by 2.4% in the 2nd quarter. Encompass Capital Advisors LLC now owns 1,526,485 shares of the company’s stock worth $13,235,000 after buying an additional 36,339 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in ProPetro by 1.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 780,498 shares of the company’s stock valued at $6,767,000 after buying an additional 14,144 shares in the last quarter. 84.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at ProPetro

In other ProPetro news, Director Michele Vion sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $8.26, for a total value of $41,300.00. Following the completion of the sale, the director now directly owns 34,006 shares in the company, valued at $280,889.56. This trade represents a 12.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David Scott Schorlemer purchased 4,500 shares of ProPetro stock in a transaction dated Monday, November 4th. The shares were acquired at an average cost of $6.86 per share, for a total transaction of $30,870.00. Following the completion of the transaction, the chief financial officer now owns 112,992 shares of the company’s stock, valued at approximately $775,125.12. This represents a 4.15 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PUMP shares. Citigroup reduced their target price on shares of ProPetro from $8.50 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st. Stifel Nicolaus reduced their price objective on ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Finally, Barclays lowered their target price on ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $10.33.

ProPetro Stock Performance

Shares of NYSE:PUMP opened at $7.58 on Monday. The firm has a 50 day moving average of $7.79 and a 200 day moving average of $8.38. The company has a quick ratio of 1.14, a current ratio of 1.20 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $780.21 million, a price-to-earnings ratio of -5.70 and a beta of 2.04. ProPetro Holding Corp. has a 52 week low of $6.53 and a 52 week high of $10.02.

ProPetro Profile

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.