ProPetro Holding Corp. (NYSE:PUMP) Sees Large Decrease in Short Interest

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

Hedge Funds Weigh In On ProPetro

Institutional investors and hedge funds have recently bought and sold shares of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of ProPetro by 16.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 228,835 shares of the company’s stock worth $2,135,000 after buying an additional 32,710 shares during the period. Voloridge Investment Management LLC bought a new stake in ProPetro during the 4th quarter worth approximately $533,000. Waverly Advisors LLC purchased a new position in ProPetro during the fourth quarter valued at approximately $115,000. Sourcerock Group LLC bought a new position in shares of ProPetro in the fourth quarter worth approximately $14,079,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of ProPetro in the fourth quarter worth $2,024,000. 84.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on PUMP. Stifel Nicolaus upped their target price on shares of ProPetro from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Benchmark restated a “hold” rating on shares of ProPetro in a report on Thursday, February 20th. JPMorgan Chase & Co. upgraded shares of ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 target price for the company in a research note on Friday, December 6th. Barclays lowered their price target on ProPetro from $12.00 to $11.00 and set an “overweight” rating on the stock in a report on Monday, March 3rd. Finally, Citigroup lifted their price objective on ProPetro from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $10.75.

ProPetro Stock Performance

PUMP traded up $0.04 during trading on Wednesday, hitting $7.58. The company’s stock had a trading volume of 927,861 shares, compared to its average volume of 1,545,428. ProPetro has a one year low of $6.54 and a one year high of $11.17. The business’s 50 day simple moving average is $8.28 and its 200-day simple moving average is $8.45. The company has a quick ratio of 1.14, a current ratio of 1.31 and a debt-to-equity ratio of 0.06. The firm has a market cap of $782.02 million, a PE ratio of -5.66 and a beta of 2.03.

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.