PrimeEnergy (NASDAQ:PNRG) Stock Price Passes Above 200-Day Moving Average – Here’s Why

PrimeEnergy Corporation (NASDAQ:PNRG)’s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $206.51 and traded as high as $211.00. PrimeEnergy shares last traded at $208.49, with a volume of 91,827 shares changing hands.

Analyst Ratings Changes

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

PrimeEnergy Stock Performance

The company has a market capitalization of $311.33 million, a PE ratio of 18.95 and a beta of -0.24. The company has a 50 day moving average price of $201.13 and a 200 day moving average price of $206.47.

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

Insider Buying and Selling at PrimeEnergy

In other news, Director Clint Hurt sold 1,800 shares of PrimeEnergy stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $221.52, for a total transaction of $398,736.00. Following the sale, the director owned 79,937 shares of the company’s stock, valued at approximately $17,707,644.24. The trade was a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders have sold 11,800 shares of company stock valued at $2,425,188. 65.28% of the stock is owned by company insiders.

Institutional Investors Weigh In On PrimeEnergy

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its holdings in shares of PrimeEnergy by 9.6% in the first quarter. Dimensional Fund Advisors LP now owns 78,872 shares of the oil and natural gas company’s stock worth $18,366,000 after buying an additional 6,902 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in PrimeEnergy by 16.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 19,027 shares of the oil and natural gas company’s stock worth $4,430,000 after acquiring an additional 2,741 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of PrimeEnergy by 679.3% during the first quarter. First Trust Advisors LP now owns 16,584 shares of the oil and natural gas company’s stock worth $3,862,000 after purchasing an additional 14,456 shares during the period. UBS Group AG boosted its stake in shares of PrimeEnergy by 21.1% during the 4th quarter. UBS Group AG now owns 13,823 shares of the oil and natural gas company’s stock valued at $2,364,000 after buying an additional 2,411 shares during the period. Finally, Janney Montgomery Scott LLC boosted its position in PrimeEnergy by 1.5% during the first quarter. Janney Montgomery Scott LLC now owns 8,061 shares of the oil and natural gas company’s stock valued at $1,877,000 after purchasing an additional 121 shares during the last quarter.

PrimeEnergy Company Profile

PrimeEnergy Resources Corporation is an independent oil and natural gas company engaged in the acquisition, development, and production of oil and natural gas properties. The company also provides related operational and asset-management activities associated with its energy properties.

PrimeEnergy has historically focused on developing producing and prospective onshore properties in the United States, with operations and interests that have included the Appalachian region and other domestic oil and gas areas.