Pacer Advisors Inc. Buys 3,491,723 Shares of ProPetro Holding Corp. (NYSE:PUMP)

Pacer Advisors Inc. raised its stake in shares of ProPetro Holding Corp. (NYSE:PUMP) by 95.4% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 7,152,687 shares of the company’s stock after purchasing an additional 3,491,723 shares during the period. Pacer Advisors Inc. owned approximately 6.95% of ProPetro worth $54,790,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Intech Investment Management LLC grew its stake in shares of ProPetro by 38.9% during the 3rd quarter. Intech Investment Management LLC now owns 42,057 shares of the company’s stock worth $322,000 after acquiring an additional 11,774 shares during the period. Jennison Associates LLC lifted its holdings in shares of ProPetro by 47.4% during the 3rd quarter. Jennison Associates LLC now owns 140,378 shares of the company’s stock worth $1,075,000 after acquiring an additional 45,173 shares during the last quarter. Empowered Funds LLC lifted its position in ProPetro by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 527,787 shares of the company’s stock worth $4,043,000 after buying an additional 26,800 shares during the last quarter. Royce & Associates LP boosted its stake in shares of ProPetro by 21.1% in the 3rd quarter. Royce & Associates LP now owns 718,827 shares of the company’s stock valued at $5,506,000 after purchasing an additional 125,232 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of ProPetro by 16.8% during the third quarter. Victory Capital Management Inc. now owns 130,740 shares of the company’s stock valued at $1,001,000 after buying an additional 18,836 shares during the last quarter. 84.70% of the stock is currently owned by hedge funds and other institutional investors.

ProPetro Stock Performance

ProPetro stock opened at $8.22 on Friday. The firm has a market capitalization of $846.08 million, a P/E ratio of -6.18 and a beta of 2.04. The company’s 50-day moving average is $7.83 and its 200 day moving average is $8.35. ProPetro Holding Corp. has a 1-year low of $6.53 and a 1-year high of $10.02. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.20 and a quick ratio of 1.14.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at ProPetro

In other ProPetro news, Director Michele Vion sold 5,000 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $8.26, for a total transaction of $41,300.00. Following the transaction, the director now owns 34,006 shares of the company’s stock, valued at approximately $280,889.56. The trade was a 12.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO David Scott Schorlemer bought 4,500 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was purchased at an average price of $6.86 per share, for a total transaction of $30,870.00. Following the completion of the acquisition, the chief financial officer now directly owns 112,992 shares in the company, valued at $775,125.12. The trade was a 4.15 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.88% of the stock is currently owned by company insiders.

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.