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

StockNews.com began coverage on shares of Barnwell Industries (NYSE:BRN) in a report published on Monday morning. The firm issued a hold rating on the stock.

Barnwell Industries Price Performance

Shares of Barnwell Industries stock opened at $1.69 on Monday. The stock’s 50-day moving average is $2.04 and its 200 day moving average is $2.31. Barnwell Industries has a one year low of $1.62 and a one year high of $3.20. The firm has a market cap of $16.95 million, a price-to-earnings ratio of -4.45 and a beta of 0.14.

Institutional Investors Weigh In On Barnwell Industries

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

Barnwell Industries Company Profile

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.