StockNews.com Begins Coverage on Barnwell Industries (NYSE:BRN)

StockNews.com initiated coverage on shares of Barnwell Industries (NYSE:BRN) in a research note published on Wednesday morning. The firm issued a hold rating on the stock.

Barnwell Industries Stock Down 1.8 %

Shares of NYSE:BRN opened at $2.21 on Wednesday. The firm’s 50 day moving average price is $2.28 and its 200-day moving average price is $2.47. Barnwell Industries has a twelve month low of $2.06 and a twelve month high of $3.20. The stock has a market capitalization of $22.17 million, a PE ratio of -5.82 and a beta of 0.10.

Barnwell Industries (NYSE:BRN) last released its earnings results on Tuesday, August 13th. The company reported ($0.12) EPS for the quarter. Barnwell Industries had a negative return on equity of 22.12% and a negative net margin of 15.55%. The firm had revenue of $5.53 million for the quarter.

Institutional Investors Weigh In On Barnwell Industries

An institutional investor recently raised its position in Barnwell Industries stock. Renaissance Technologies LLC raised its holdings in shares of Barnwell Industries, Inc. (NYSE:BRN) by 1.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 355,534 shares of the company’s stock after purchasing an additional 6,612 shares during the quarter. Renaissance Technologies LLC owned 3.55% of Barnwell Industries worth $836,000 at the end of the most recent reporting period. 40.71% of the stock is owned by institutional investors and hedge funds.

About Barnwell Industries

Barnwell Industries, Inc acquires, develops, produces, and sells oil and natural gas in Canada. The company operates through three segments: Oil and Natural Gas, Land Investment, and Contract Drilling. It also acquires and develops crude oil and natural gas assets in the province of Alberta, as well as invests in land interests in Hawaii.