ProPetro Holding Corp. (NYSE:PUMP) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its stake in shares of ProPetro Holding Corp. (NYSE:PUMP) by 7.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 378,669 shares of the company’s stock after selling 28,707 shares during the period. Principal Financial Group Inc.’s holdings in ProPetro were worth $2,901,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PUMP. Pacer Advisors Inc. boosted its stake in shares of ProPetro by 95.4% during the 3rd quarter. Pacer Advisors Inc. now owns 7,152,687 shares of the company’s stock worth $54,790,000 after acquiring an additional 3,491,723 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in ProPetro by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,095,253 shares of the company’s stock worth $61,515,000 after purchasing an additional 54,555 shares during the last quarter. American Century Companies Inc. boosted its position in ProPetro by 21.3% during the second quarter. American Century Companies Inc. now owns 2,515,579 shares of the company’s stock worth $21,810,000 after purchasing an additional 441,644 shares in the last quarter. Encompass Capital Advisors LLC grew its holdings in ProPetro by 2.4% in the second quarter. Encompass Capital Advisors LLC now owns 1,526,485 shares of the company’s stock valued at $13,235,000 after purchasing an additional 36,339 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its position in shares of ProPetro by 2.7% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 1,088,880 shares of the company’s stock valued at $8,341,000 after buying an additional 28,660 shares in the last quarter. 84.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Barclays lowered their price objective on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Citigroup lowered their price target 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. JPMorgan Chase & Co. upgraded ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price objective for the company in a research report on Friday, December 6th. Finally, Stifel Nicolaus lowered their target price on ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $10.25.

Insider Buying and Selling at ProPetro

In other ProPetro news, CFO David Scott Schorlemer purchased 4,500 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were purchased at an average cost of $6.86 per share, with a total value of $30,870.00. Following the purchase, the chief financial officer now owns 112,992 shares in the company, valued at approximately $775,125.12. This represents a 4.15 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.88% of the stock is currently owned by insiders.

ProPetro Stock Performance

NYSE:PUMP opened at $9.87 on Friday. ProPetro Holding Corp. has a 1-year low of $6.53 and a 1-year high of $10.06. The firm has a 50 day simple moving average of $8.41 and a 200-day simple moving average of $8.26. The firm has a market cap of $1.02 billion, a PE ratio of -7.42 and a beta of 2.07. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.20 and a quick ratio of 1.14.

ProPetro Company 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.