First Trust Advisors LP Buys 14,456 Shares of PrimeEnergy Corporation $PNRG

Key Points

• First Trust Advisors LP increased its PrimeEnergy stake by 679.3%, buying 14,456 additional shares to own 16,584 shares valued at approximately $3.86 million, or 1.02% 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 ranging from “hold” to “strong sell”; MarketBeat data shows a consensus rating of “Reduce.”

First Trust Advisors LP grew its stake in PrimeEnergy Corporation (NASDAQ:PNRG - Free Report) by 679.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,584 shares of the oil and natural gas company's stock after acquiring an additional 14,456 shares during the quarter. First Trust Advisors LP owned about 1.02% of PrimeEnergy worth $3,862,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in PNRG. State of Wyoming grew its stake in PrimeEnergy by 78.7% in the fourth quarter. State of Wyoming now owns 168 shares of the oil and natural gas company's stock valued at $29,000 after purchasing an additional 74 shares during the last quarter. Quarry LP purchased a new position in shares of PrimeEnergy in the third quarter worth $38,000. Caitong International Asset Management Co. Ltd purchased a new position in PrimeEnergy in the 3rd quarter worth $44,000. Flagship Harbor Advisors LLC acquired a new stake in shares of PrimeEnergy during the fourth quarter worth about $52,000. Finally, Tower Research Capital LLC TRC lifted its stake in PrimeEnergy by 571.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 477 shares of the oil and natural gas company's stock valued at $70,000 after acquiring an additional 406 shares during the period.

PrimeEnergy Trading Up 0.1%

NASDAQ PNRG opened at $186.69 on Thursday. PrimeEnergy Corporation has a twelve month low of $126.40 and a twelve month high of $278.90. The stock has a market cap of $302.44 million, a PE ratio of 20.84 and a beta of -0.27. The stock has a fifty day simple moving average of $181.06 and a 200-day simple moving average of $200.37.

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PNRG shares. Weiss Ratings reissued a "hold (c)" rating on shares of PrimeEnergy in a report on Wednesday, June 24th. Wall Street Zen cut shares of PrimeEnergy from a "buy" rating to a "hold" rating in a research note on Sunday, May 31st. Finally, Freedom Capital downgraded PrimeEnergy from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 28th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Reduce".

PrimeEnergy Profile

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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