PrimeEnergy (NASDAQ:PNRG) Downgraded by Freedom Capital to Strong Sell

Freedom Capital lowered shares of PrimeEnergy (NASDAQ:PNRG) from a hold rating to a strong sell rating in a research report sent to investors on Thursday morning,Zacks.com reports.

A number of other research firms also recently issued reports on PNRG. Wall Street Zen upgraded PrimeEnergy from a “hold” rating to a “buy” rating in a report on Saturday, May 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of PrimeEnergy in a research note on Friday, March 27th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce”.

PrimeEnergy Trading Down 7.0%

PNRG opened at $164.62 on Thursday. The stock has a fifty day simple moving average of $228.85 and a two-hundred day simple moving average of $196.17. The company has a market cap of $266.36 million, a price-to-earnings ratio of 18.37 and a beta of -0.15. PrimeEnergy has a 12-month low of $126.40 and a 12-month high of $278.90.

PrimeEnergy (NASDAQ:PNRG) last posted its quarterly earnings data on Thursday, April 16th. The oil and natural gas company reported $1.43 earnings per share (EPS) for the quarter. The business had revenue of $50.06 million during the quarter. PrimeEnergy had a return on equity of 10.10% and a net margin of 12.06%.

Insider Activity

In related news, major shareholder Rothschild Robert De sold 13,274 shares of the business’s stock in a transaction dated 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 sale, the insider owned 187,483 shares of the company’s stock, valued at $43,421,062.80. The trade was a 6.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Clint Hurt sold 2,000 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $220.44, for a total transaction of $440,880.00. Following the sale, the director directly owned 91,737 shares in the company, valued at $20,222,504.28. The trade was a 2.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 25,274 shares of company stock worth $5,824,338 in the last three months. 65.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PrimeEnergy

Several hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its stake in shares of PrimeEnergy by 6,756.6% in the third quarter. JPMorgan Chase & Co. now owns 17,210 shares of the oil and natural gas company’s stock worth $2,875,000 after buying an additional 16,959 shares in the last quarter. Centiva Capital LP bought a new position in shares of PrimeEnergy in the third quarter worth approximately $523,000. Principal Financial Group Inc. bought a new position in shares of PrimeEnergy in the third quarter worth approximately $916,000. Cannell Capital LLC lifted its stake in shares of PrimeEnergy by 44.3% in the third quarter. Cannell Capital LLC now owns 9,670 shares of the oil and natural gas company’s stock worth $1,615,000 after buying an additional 2,968 shares in the last quarter. Finally, UBS Group AG lifted its stake in shares of PrimeEnergy by 21.1% in the fourth quarter. UBS Group AG now owns 13,823 shares of the oil and natural gas company’s stock worth $2,364,000 after buying an additional 2,411 shares in the last quarter.

About PrimeEnergy

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.