PrimeEnergy (NASDAQ:PNRG) Shares Cross Above Two Hundred Day Moving Average – What’s Next?

PrimeEnergy Corporation (NASDAQ:PNRG)’s stock price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $205.60 and traded as high as $214.34. PrimeEnergy shares last traded at $211.11, with a volume of 50,141 shares traded.

Analysts Set New Price Targets

A number of research firms recently weighed in on PNRG. Weiss Ratings reaffirmed a “hold (c)” rating on shares of PrimeEnergy in a research note on Wednesday, June 24th. Freedom Capital upgraded PrimeEnergy from a “strong sell” rating to a “hold” rating in a research report on Monday, August 17th. Finally, Wall Street Zen lowered PrimeEnergy from a “buy” rating to a “hold” rating in a report on Sunday, May 31st. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, PrimeEnergy has a consensus rating of “Hold”.

PrimeEnergy Price Performance

The company has a market cap of $333.55 million, a price-to-earnings ratio of 20.34 and a beta of -0.24. The business’s 50-day simple moving average is $197.21 and its 200-day simple moving average is $205.60.

PrimeEnergy (NASDAQ:PNRG) last released its quarterly earnings results on Friday, August 14th. The oil and natural gas company reported $2.75 EPS for the quarter, missing the consensus estimate of $5.90 by ($3.15). PrimeEnergy had a net margin of 13.87% and a return on equity of 11.47%. The business had revenue of $50.40 million during the quarter, compared to analyst estimates of $50.40 million.

Insiders Place Their Bets

In other news, Director Clint Hurt sold 8,007 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $201.29, for a total value of $1,611,729.03. Following the completion of the transaction, the director directly owned 81,737 shares of the company’s stock, valued at $16,452,840.73. The trade was a 8.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders sold a total of 11,800 shares of company stock worth $2,425,188 over the last ninety days. Company 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 company. AQR Capital Management LLC raised its position in shares of PrimeEnergy by 286.2% in the first quarter. AQR Capital Management LLC now owns 6,897 shares of the oil and natural gas company’s stock valued at $1,572,000 after buying an additional 5,111 shares during the last quarter. Empowered Funds LLC boosted its position in PrimeEnergy by 6.7% during the first 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 during the last quarter. Rhumbline Advisers grew its stake in PrimeEnergy by 99.3% in 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 during the period. Arrowstreet Capital Limited Partnership grew its stake in PrimeEnergy by 16.5% in 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 during the period. Finally, Qube Research & Technologies Ltd purchased a new stake in PrimeEnergy in the 2nd quarter worth approximately $1,894,000.

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.