Short Interest in ProPetro Holding Corp. (NYSE:PUMP) Declines By 20.2%

ProPetro Holding Corp. (NYSE:PUMP) saw a large decrease in short interest in March. As of March 15th, there was short interest totalling 9,190,000 shares, a decrease of 20.2% from the February 28th total of 11,510,000 shares. Based on an average daily trading volume, of 1,830,000 shares, the days-to-cover ratio is currently 5.0 days. Currently, 11.7% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Smartleaf Asset Management LLC lifted its holdings in shares of ProPetro by 205.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,983 shares of the company’s stock valued at $28,000 after purchasing an additional 2,005 shares in the last quarter. GAMMA Investing LLC lifted its stake in ProPetro by 38.0% in the fourth quarter. GAMMA Investing LLC now owns 4,446 shares of the company’s stock valued at $41,000 after buying an additional 1,225 shares in the last quarter. KBC Group NV increased its position in shares of ProPetro by 90.5% during the fourth quarter. KBC Group NV now owns 8,045 shares of the company’s stock worth $75,000 after acquiring an additional 3,821 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of ProPetro during the third quarter worth $77,000. Finally, Raymond James Financial Inc. bought a new stake in ProPetro in the 4th quarter valued at $94,000. Institutional investors and hedge funds own 84.70% of the company’s stock.

Analyst Ratings Changes

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

ProPetro Stock Performance

Shares of NYSE:PUMP opened at $7.38 on Monday. The business has a fifty day moving average of $8.43 and a 200-day moving average of $8.45. The firm has a market cap of $760.87 million, a PE ratio of -5.50 and a beta of 2.03. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.14 and a current ratio of 1.31. ProPetro has a twelve month low of $6.54 and a twelve month high of $11.17.

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.