Tower Research Capital LLC TRC, an investment management firm, has significantly increased its holdings in ProPetro Holding Corp. (NYSE: PUMP) during the first quarter of this year, according to the company’s recent filing with the Securities and Exchange Commission. The firm purchased an additional 18,465 shares, which resulted in a remarkable 3,715.3% increase in its total holdings. Tower Research Capital LLC TRC now owns a total of 18,962 shares of ProPetro.
At the end of the reporting period, Tower Research Capital LLC TRC’s holdings were valued at $136,000. This substantial increase in ownership shows the firm’s confidence in ProPetro and suggests a positive outlook for the company’s future prospects.
ProPetro recently announced its quarterly earnings data on August 2nd, providing insight into its financial performance for the quarter. The company reported earnings per share (EPS) of $0.34 for the quarter. While this figure fell short of market expectations by $0.07 per share, it still demonstrates solid profitability for ProPetro.
During this quarter, ProPetro generated revenue amounting to $435 million compared to analysts’ predictions of $436.27 million. Although there was a slight discrepancy between actual revenue and estimated figures, it is important to note that ProPetro experienced a growth rate of 38.1% compared to the same period last year.
ProPetro also maintained a net margin of 5.91%, indicating efficient cost management and operational effectiveness within the organization. Additionally, the company achieved a return on equity of 16.81%, highlighting its ability to generate profits from shareholder investments.
Analysts are optimistic about ProPetro’s performance for the remainder of this fiscal year and predict earnings per share of approximately 1.13 based on their comprehensive analysis.
As previously mentioned, Tower Research Capital LLC TRC’s significant increase in holdings of ProPetro reflects a positive sentiment towards the company. Investors take note of this development as it implies that Tower Research Capital LLC TRC finds value and potential in ProPetro’s stock.
To gain further insights into ProPetro, interested parties can refer to the latest research report on the company. This report will provide valuable information and analysis regarding ProPetro’s current state and future prospects.
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Institutional Investors and Hedge Funds Increase Holdings in ProPetro Holding Corp. as Confidence in Oilfield Services Industry Grows
ProPetro Holding Corp. (PUMP), a leading oilfield services company, has attracted the attention of several hedge funds and institutional investors who have recently adjusted their holdings in the business. Boston Partners, for instance, increased its position in shares of ProPetro by 42.8% during the first quarter, now owning 3,992,577 shares worth $28,701,000. GW&K Investment Management LLC also raised its stake in ProPetro by 1.3% during the same period and now owns 2,155,623 shares valued at $15,499,000.
California State Teachers Retirement System and Y Intercept Hong Kong Ltd have also increased their positions in ProPetro during the first quarter. California State Teachers Retirement System acquired an additional 4.9% of shares valued at $776,000 bringing its total to 107,954 shares. Meanwhile, Y Intercept Hong Kong Ltd raised its position by a staggering 176.1%, buying an additional 31,628 shares worth $357,000.
Russell Investments Group Ltd., which primarily invests in equities on behalf of institutional investors and hedge funds worldwide grew its stake by 15.2%. It currently holds 281,380 shares of ProPetro’s stock valued at $2,023,000 as of the end of the first quarter.
This surge in interest from institutional investors and hedge funds indicates growing confidence in ProPetro’s potential for growth and profitability within the oilfield services industry.
ProPetro Holding Corp., commonly known as PUMP on the stock market, saw its share price open at $9.56 on Thursday with a 50-day simple moving average of $9.47 and a 200-day simple moving average of $8.34.
With a current market capitalization standing at approximately $1.08 billion and a PE ratio indicating sound financial health and stability at 11.80, ProPetro is considered an attractive investment option for those in the market for oilfield services stocks.
ProPetro’s debt-to-equity ratio is impressively low at just 0.06, indicating a stable financial position. The company also boasts favorable liquidity ratios with a quick ratio of 1.19 and a current ratio of 1.26, suggesting that it is well-positioned to meet its short-term obligations.
The stock’s performance over the past year has seen its value fluctuate between $6.33 as a low and $12.58 as a high, reflecting potential volatility within the market.
In recent news, Chief Accounting Officer Elo Omavuezi sold 4,182 shares of ProPetro’s stock on Friday, August 11th at an average price of $10.28 per share, amounting to a total transaction value of $42,990.96. Following this sale, Omavuezi now holds 6,903 shares in the company valued at $70,962.84.
Chief Operating Officer Adam Munoz also made a significant sale on Tuesday, August 8th when he sold 21,467 shares of ProPetro’s stock at an average price of $10.09 per share totaling $216,602.03. This leaves Munoz with approximately 48,287 shares valued at around $487,215.83.
These insider sales indicate that some executives are taking advantage of the recent surge in share prices to realize their investments in ProPetro Holding Corp.
Equity analysts have closely monitored ProPetro’s performance and have weighed in with their opinions on PUMP shares. TheStreet upgraded ProPetro from a “c” rating to a “b-” rating in their research report released on Wednesday, August 9th.
Benchmark also raised their rating on PUMP from “hold” to “buy” in a research report published on Wednesday, July 19th. However, Stifel Nicolaus lowered their target price from $17.00 to $16.00 in a research report issued on Wednesday, July 12th.
Barclays also revised its target price, lowering it from $14.00 to $12.00 in a research report released on Thursday, June 8th. Lastly, 500.com reaffirmed their “maintains” rating on ProPetro stock in a research report published on the same day.
In summary, hedge funds and institutional investors have demonstrated increased interest in ProPetro Holding Corp., tightening their grip on the company’s shares during the first quarter of this year. The company’s strong financial position, low debt-to-equity ratio, and favorable liquidity ratios contribute to its desirability for potential investors.
Recent insider sales by top executives indicate that some individuals are capitalizing on the rise in share prices to realize their investments. Analysts’ opinions on ProPetro are mixed but mostly positive as they recognize the growth potential of this oilfield services provider.
Investors will continue to monitor ProPetro’s performance and adapt their strategies accordingly as they aim to benefit from potential future growth within the industry.