SCHEDULE 13G/A: BlackRock Discloses 15.6% Stake in ProPetro Holding Corp. via Latest SEC Filing Amendment
Beneficial Ownership Disclosure
BlackRock, Inc. has filed an Amendment No. 9 to Schedule 13G, disclosing its beneficial ownership of 15.6% of ProPetro Holding Corp.'s common stock as of December 31, 2024.
Summary
- BlackRock, Inc. filed an Amendment No. 9 to Schedule 13G concerning its beneficial ownership in ProPetro Holding Corp.
- As of December 31, 2024, BlackRock, Inc. beneficially owned 16,081,523 shares of ProPetro Holding Corp. common stock.
- This ownership represents 15.6% of the total outstanding common stock of ProPetro Holding Corp.
- BlackRock, Inc. holds sole voting power over 15,621,542 shares and sole dispositive power over 16,081,523 shares.
- The filing was made pursuant to Rule 13d-1(b) and identifies BlackRock, Inc. as a parent holding company (HC).
- Several BlackRock subsidiaries, including BlackRock Fund Advisors, are identified as entities through which the securities are held, with BlackRock Fund Advisors beneficially owning 5% or greater of the outstanding shares.
Sentiment
Score: 5
Explanation: The document is a factual disclosure of beneficial ownership and does not contain information that would inherently indicate positive or negative sentiment regarding the issuer's performance or outlook.
Industry Context
This filing is a routine disclosure by a major institutional investor, BlackRock, Inc., regarding its significant passive stake in ProPetro Holding Corp. Such filings are common for large asset managers that hold diversified portfolios across various industries, including energy services, which ProPetro operates in. It reflects BlackRock's ongoing investment in the company, consistent with its role as a major passive investor.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Authorized Signatory for SEC Filings (BlackRock, Inc.) | Individuals authorized under the Power of Attorney dated April 30, 2023 | Eric Andruczyk, Richard Cundiff, R. Andrew Dickson, III, Spencer Fleming, Laura Hildner, David Maryles, Christopher Meade, Charles Park, James Raby, Daniel Riemer, David Rothenberg, Brenda Schulz | 2025-01-21 | Issuance of a new Power of Attorney by BlackRock, Inc., revoking the prior one, to designate specific individuals for executing SEC compliance filings. |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Authorization Policy | BlackRock, Inc. issued a new Power of Attorney, effective January 21, 2025, authorizing a specific group of individuals to execute SEC filings on its behalf, thereby revoking a prior Power of Attorney dated April 30, 2023. | 2025-01-21 | This change streamlines the process for BlackRock's SEC compliance filings by clearly designating specific attorneys-in-fact for such purposes. |
Stakeholder Impact
- Shareholders of ProPetro Holding Corp. are informed of BlackRock's continued significant passive ownership stake, which can be viewed as a vote of confidence from a major institutional investor.
Key Dates
| Date | Description |
|---|---|
| 2023-04-30 | Date of the previous Power of Attorney that was revoked by the new one. |
| 2024-12-31 | Date of the event which required the filing of this Schedule 13G Amendment No. 9. |
| 2025-01-21 | Date of execution of the new Power of Attorney by BlackRock, Inc. |
| 2025-02-05 | Date of filing of the Schedule 13G Amendment No. 9. |
Keywords
BlackRock, ProPetro Holding Corp., Schedule 13G, Beneficial Ownership, Institutional Investor, Common Stock, SEC Filing, Investment Management, Asset Management
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