Dimensional Fund Advisors LP Purchases 6,902 Shares of PrimeEnergy Corporation $PNRG

Key Points

• Dimensional Fund Advisors increased its PrimeEnergy stake by 9.6%, purchasing 6,902 shares to hold 78,872 shares valued at approximately $18.4 million, or 4.87% of the company.
• PrimeEnergy reported quarterly EPS of $1.82, well below the $8.57 consensus estimate, while revenue of $41.31 million also missed expectations of $55 million.
• Analyst sentiment weakened, with ratings changes including a downgrade to “strong sell” and another to “hold”; the stock carries an overall MarketBeat rating of “Reduce.”

Dimensional Fund Advisors LP increased its position in PrimeEnergy Corporation (NASDAQ:PNRG - Free Report) by 9.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 78,872 shares of the oil and natural gas company's stock after purchasing an additional 6,902 shares during the period. Dimensional Fund Advisors LP owned 4.87% of PrimeEnergy worth $18,366,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. State of Wyoming increased its stake in shares of PrimeEnergy by 78.7% in the 4th quarter. State of Wyoming now owns 168 shares of the oil and natural gas company's stock worth $29,000 after acquiring an additional 74 shares in the last quarter. Quarry LP purchased a new stake in PrimeEnergy in the third quarter worth about $38,000. Caitong International Asset Management Co. Ltd bought a new position in shares of PrimeEnergy during the third quarter valued at approximately $44,000. Flagship Harbor Advisors LLC bought a new position in shares of PrimeEnergy during the fourth quarter valued at approximately $52,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of PrimeEnergy by 571.8% during the second quarter. Tower Research Capital LLC TRC now owns 477 shares of the oil and natural gas company's stock valued at $70,000 after purchasing an additional 406 shares during the last quarter.

PrimeEnergy Stock Up 0.9%

PNRG stock opened at $184.30 on Friday. The business's 50-day moving average price is $181.57 and its 200-day moving average price is $200.35. The stock has a market cap of $298.57 million, a P/E ratio of 20.57 and a beta of -0.27. PrimeEnergy Corporation has a twelve month low of $126.40 and a twelve month high of $278.90.

PrimeEnergy (NASDAQ:PNRG - Get Free Report) last released its earnings results on Wednesday, May 20th. The oil and natural gas company reported $1.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.57 by ($6.75). PrimeEnergy had a return on equity of 10.10% and a net margin of 12.06%.The firm had revenue of $41.31 million during the quarter, compared to analysts' expectations of $55.00 million.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PNRG shares. Freedom Capital cut PrimeEnergy from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 28th. Wall Street Zen lowered PrimeEnergy from a "buy" rating to a "hold" rating in a research report on Sunday, May 31st. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of PrimeEnergy in a research note on Wednesday, June 24th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, PrimeEnergy has an average rating of "Reduce".

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.

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