Raymond James Financial Services Advisors Inc. Cuts Holdings in ProPetro Holding Corp. (NYSE:PUMP)

Raymond James Financial Services Advisors Inc. trimmed its stake in ProPetro Holding Corp. (NYSE:PUMP – Get Rating) by 3.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 96,773 shares of the company’s stock after selling 3,050 shares during the quarter. Raymond James Financial Services Advisors Inc. owned approximately 0.09% of ProPetro worth $779,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. KBC Group NV purchased a new position in ProPetro in the second quarter valued at about $74,000. Envestnet Asset Management Inc. purchased a new position in ProPetro in the second quarter valued at about $1,188,000. Hodges Capital Management Inc. purchased a new position in ProPetro in the third quarter valued at about $1,208,000. Nisa Investment Advisors LLC boosted its stake in ProPetro by 0.8% in the second quarter. Nisa Investment Advisors LLC now owns 172,950 shares of the company’s stock valued at $1,730,000 after acquiring an additional 1,350 shares during the last quarter. Finally, Larson Financial Group LLC purchased a new position in ProPetro in the second quarter valued at about $227,000. 88.58% of the stock is currently owned by hedge funds and other institutional investors.

ProPetro Trading Up 0.8 %

ProPetro stock opened at $9.30 on Monday. The firm’s 50 day simple moving average is $10.31 and its 200 day simple moving average is $9.79. The firm has a market capitalization of $1.07 billion, a PE ratio of -30.00 and a beta of 2.37. ProPetro Holding Corp. has a 1-year low of $7.25 and a 1-year high of $16.92.

ProPetro (NYSE:PUMP – Get Rating) last posted its earnings results on Tuesday, November 1st. The company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $333.01 million for the quarter, compared to analyst estimates of $339.10 million. ProPetro had a negative net margin of 2.65% and a positive return on equity of 7.36%. Research analysts forecast that ProPetro Holding Corp. will post 1.23 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Citigroup cut shares of ProPetro from a “buy” rating to a “neutral” rating and set a $12.00 target price on the stock. in a research note on Tuesday, January 17th. Barclays raised shares of ProPetro from an “equal weight” rating to an “overweight” rating and set a $14.00 price target on the stock in a research report on Tuesday, January 10th. Finally, Benchmark assumed coverage on shares of ProPetro in a research report on Thursday. They issued a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, ProPetro presently has a consensus rating of “Hold” and a consensus target price of $14.82.

ProPetro Profile

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ProPetro Holding Corp. is an oilfield services company that engages in the provision of hydraulic fracturing and other complementary services. It operates through the following segments: Hydraulic Fracturing, Cementing, Coil Tubing, Flowback, and Drilling. The Hydraulic Fracturing segment intends to optimize hydrocarbon flow paths during the completion phase of horizontal shale wellbores.