PrimeEnergy (NASDAQ:PNRG) Releases Earnings Results

PrimeEnergy (NASDAQ:PNRG) posted its quarterly earnings results on Wednesday. The oil and natural gas company reported $1.82 earnings per share for the quarter, missing analysts’ consensus estimates of $8.57 by ($6.75), Zacks reports. The firm had revenue of $55.00 million during the quarter, compared to the consensus estimate of $55.00 million. PrimeEnergy had a return on equity of 10.17% and a net margin of 12.06%.

PrimeEnergy Trading Up 0.8%

Shares of PNRG opened at $247.97 on Friday. PrimeEnergy has a twelve month low of $126.40 and a twelve month high of $278.90. The company has a market cap of $401.71 million, a P/E ratio of 27.68 and a beta of -0.15. The company’s fifty day simple moving average is $227.33 and its 200-day simple moving average is $192.84.

Insider Buying and Selling at PrimeEnergy

In other news, Director Clint Hurt sold 2,000 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $220.44, for a total value of $440,880.00. Following the sale, the director owned 91,737 shares of the company’s stock, valued at approximately $20,222,504.28. This represents a 2.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Rothschild Robert De sold 13,274 shares of the stock in a transaction on Monday, April 27th. The shares were sold at an average price of $231.60, for a total transaction of $3,074,258.40. Following the completion of the sale, the insider directly owned 187,483 shares in the company, valued at approximately $43,421,062.80. This represents a 6.61% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 25,274 shares of company stock worth $5,824,338. Insiders own 65.28% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its holdings in PrimeEnergy by 286.2% during the 1st quarter. AQR Capital Management LLC now owns 6,897 shares of the oil and natural gas company’s stock worth $1,572,000 after acquiring an additional 5,111 shares in the last quarter. Empowered Funds LLC grew its holdings in PrimeEnergy by 6.7% during the 1st quarter. Empowered Funds LLC now owns 8,649 shares of the oil and natural gas company’s stock worth $1,971,000 after acquiring an additional 541 shares in the last quarter. Rhumbline Advisers grew its holdings in PrimeEnergy by 99.3% during the 2nd quarter. Rhumbline Advisers now owns 1,373 shares of the oil and natural gas company’s stock worth $201,000 after acquiring an additional 684 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in PrimeEnergy by 16.5% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 16,719 shares of the oil and natural gas company’s stock worth $2,447,000 after acquiring an additional 2,374 shares in the last quarter. Finally, Qube Research & Technologies Ltd bought a new position in PrimeEnergy during the 2nd quarter worth about $1,894,000.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of PrimeEnergy in a research report on Friday, March 27th. Wall Street Zen downgraded shares of PrimeEnergy from a “buy” rating to a “hold” rating in a research note on Sunday, May 10th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, PrimeEnergy currently has a consensus rating of “Hold”.

PrimeEnergy Company Profile

PrimeEnergy Resources Corporation, through its subsidiaries, engages in acquisition, development, and production of oil and natural gas properties in the United States. The company owns leasehold, mineral, and royalty interests in producing and non-producing oil and gas properties; and operates approximately 534 active wells and owns non-operating interests and royalties in 952 additional wells. It also acquires producing oil and gas properties through joint ventures with industry partners; and provides contract services to third parties, including well-servicing support, site-preparation, and construction services for oil and gas drilling and reworking operations.