Wedge Capital Management L L P NC Has $1.06 Million Stock Position in ProPetro Holding Corp. (NYSE:PUMP)

Wedge Capital Management L L P NC lowered its position in shares of ProPetro Holding Corp. (NYSE:PUMP) by 13.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 113,170 shares of the company’s stock after selling 17,447 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.11% of ProPetro worth $1,056,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Pacer Advisors Inc. increased its position in ProPetro by 95.4% in the 3rd quarter. Pacer Advisors Inc. now owns 7,152,687 shares of the company’s stock valued at $54,790,000 after acquiring an additional 3,491,723 shares in the last quarter. Dana Investment Advisors Inc. bought a new position in shares of ProPetro in the 2nd quarter valued at about $6,439,000. Point72 Asset Management L.P. bought a new position in shares of ProPetro in the 3rd quarter valued at about $3,525,000. Weiss Asset Management LP bought a new position in shares of ProPetro in the 3rd quarter valued at about $2,292,000. Finally, Susquehanna Fundamental Investments LLC boosted its stake in shares of ProPetro by 441.7% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 303,971 shares of the company’s stock valued at $2,635,000 after purchasing an additional 247,860 shares during the last quarter. Institutional investors and hedge funds own 84.70% of the company’s stock.

ProPetro Stock Down 0.6 %

ProPetro stock opened at $10.89 on Tuesday. The company’s 50 day simple moving average is $9.05 and its 200 day simple moving average is $8.40. ProPetro Holding Corp. has a fifty-two week low of $6.53 and a fifty-two week high of $11.17. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of -8.18 and a beta of 2.00. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.20 and a quick ratio of 1.14.

Insiders Place Their Bets

In related news, CFO David Scott Schorlemer bought 4,500 shares of the company’s stock in a transaction on Monday, November 4th. The shares were purchased at an average cost of $6.86 per share, for a total transaction of $30,870.00. Following the acquisition, 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 purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.97% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PUMP. Citigroup raised their target price on shares of ProPetro from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. Stifel Nicolaus reduced their target price on shares of ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. JPMorgan Chase & Co. raised shares of ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price objective on the stock in a research note on Friday, December 6th. Finally, Barclays reduced 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. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $10.75.

About ProPetro

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.