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

ProPetro Holding Corp. (NYSE:PUMP) 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. Based on an average daily volume of 1,830,000 shares, the days-to-cover ratio is presently 5.0 days. Approximately 11.7% of the shares of the company are sold short.

Hedge Funds Weigh In On ProPetro

Large investors have recently added to or reduced their stakes in the company. Barclays PLC lifted its position in ProPetro by 109.2% in the third quarter. Barclays PLC now owns 242,057 shares of the company’s stock worth $1,855,000 after purchasing an additional 126,346 shares during the period. B. Riley Wealth Advisors Inc. lifted its position in shares of ProPetro by 209.2% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 272,374 shares of the company’s stock worth $2,115,000 after buying an additional 184,273 shares during the period. Point72 Asset Management L.P. bought a new position in ProPetro during the 3rd quarter valued at about $3,525,000. HighTower Advisors LLC bought a new stake in ProPetro during the third quarter worth about $197,000. Finally, New York State Common Retirement Fund increased its holdings in shares of ProPetro by 46.9% during the fourth quarter. New York State Common Retirement Fund now owns 23,498 shares of the company’s stock worth $219,000 after buying an additional 7,502 shares in the last quarter. Institutional investors and hedge funds own 84.70% of the company’s stock.

ProPetro Stock Performance

Shares of PUMP traded up $0.18 during trading hours on Tuesday, reaching $7.53. 1,148,984 shares of the company traded hands, compared to its average volume of 1,543,873. 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 stock’s fifty day moving average is $8.36 and its 200 day moving average is $8.45. ProPetro has a 1-year low of $6.54 and a 1-year high of $11.17. The stock has a market cap of $776.35 million, a P/E ratio of -5.62 and a beta of 2.03.

Wall Street Analysts Forecast Growth

PUMP has been the subject of several recent analyst reports. Barclays decreased their price objective on shares of ProPetro from $12.00 to $11.00 and set an “overweight” rating for the company in a report on Monday, March 3rd. Stifel Nicolaus raised their price target on ProPetro from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Citigroup boosted their price objective on ProPetro from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. JPMorgan Chase & Co. raised ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 target price on the stock in a report on Friday, December 6th. Finally, Benchmark reiterated a “hold” rating on shares of ProPetro in a report on Thursday, February 20th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target 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.