Principal Financial Group Inc. Has $2.90 Million Holdings in ProPetro Holding Corp. (NYSE:PUMP)

Principal Financial Group Inc. decreased its holdings in shares of ProPetro Holding Corp. (NYSE:PUMP) by 7.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 378,669 shares of the company’s stock after selling 28,707 shares during the quarter. Principal Financial Group Inc.’s holdings in ProPetro were worth $2,901,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its stake in shares of ProPetro by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,095,253 shares of the company’s stock valued at $61,515,000 after acquiring an additional 54,555 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in shares of ProPetro during the second quarter valued at about $31,741,000. American Century Companies Inc. grew its holdings in shares of ProPetro by 21.3% during the second quarter. American Century Companies Inc. now owns 2,515,579 shares of the company’s stock worth $21,810,000 after purchasing an additional 441,644 shares during the last quarter. Encompass Capital Advisors LLC raised its holdings in ProPetro by 2.4% in the 2nd quarter. Encompass Capital Advisors LLC now owns 1,526,485 shares of the company’s stock valued at $13,235,000 after buying an additional 36,339 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in ProPetro by 1.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 780,498 shares of the company’s stock worth $6,767,000 after buying an additional 14,144 shares during the period. Institutional investors own 84.70% of the company’s stock.

Insider Buying and Selling at ProPetro

In other ProPetro news, Director Michele Vion sold 5,000 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $8.26, for a total value of $41,300.00. Following the transaction, the director now owns 34,006 shares in the company, valued at approximately $280,889.56. This represents a 12.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David Scott Schorlemer acquired 4,500 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were purchased at an average price of $6.86 per share, with a total value of $30,870.00. Following the acquisition, the chief financial officer now owns 112,992 shares of the company’s stock, valued at approximately $775,125.12. This represents a 4.15 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PUMP. Barclays dropped their price target on shares of ProPetro from $13.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Citigroup reduced their price target on ProPetro from $8.50 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st. Finally, Stifel Nicolaus reduced their target price on ProPetro from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $10.33.

ProPetro Stock Up 3.3 %

Shares of NYSE:PUMP opened at $8.49 on Friday. The business’s 50-day moving average is $7.85 and its 200-day moving average is $8.35. ProPetro Holding Corp. has a 1 year low of $6.53 and a 1 year high of $10.02. The company has a market capitalization of $873.88 million, a price-to-earnings ratio of -6.39 and a beta of 2.04. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.20 and a quick ratio of 1.14.

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.