Goldman Sachs Group Inc. Trims Stock Holdings in PrimeEnergy Corporation $PNRG

Key Points

• Goldman Sachs Group Inc. has reduced its stake in PrimeEnergy Corporation (NASDAQ:PNRG) by 53.3%, owning approximately 1,373 shares worth $313,000 after selling 1,567 shares in the first quarter.
• Despite Goldman Sachs' reduction, other institutional investors such as Strs Ohio and AQR Capital Management have increased their positions in PrimeEnergy during the same period.
• Wall Street analysts recently downgraded PrimeEnergy from a "hold" to a "sell" rating, reflecting a cautious outlook for the company's stock performance.

Goldman Sachs Group Inc. reduced its stake in PrimeEnergy Corporation (NASDAQ:PNRG - Free Report) by 53.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,373 shares of the oil and natural gas company's stock after selling 1,567 shares during the period. Goldman Sachs Group Inc. owned approximately 0.08% of PrimeEnergy worth $313,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PNRG. Strs Ohio acquired a new position in PrimeEnergy in the 1st quarter valued at about $501,000. Empowered Funds LLC grew its position in PrimeEnergy by 6.7% in the 1st quarter. Empowered Funds LLC now owns 8,649 shares of the oil and natural gas company's stock valued at $1,971,000 after acquiring an additional 541 shares in the last quarter. Bridgeway Capital Management LLC grew its position in PrimeEnergy by 4.3% in the 1st quarter. Bridgeway Capital Management LLC now owns 12,990 shares of the oil and natural gas company's stock valued at $2,960,000 after acquiring an additional 541 shares in the last quarter. AQR Capital Management LLC grew its position in PrimeEnergy by 286.2% in the 1st 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 acquiring an additional 5,111 shares in the last quarter. Finally, MetLife Investment Management LLC acquired a new position in PrimeEnergy in the 1st quarter valued at about $93,000.

PrimeEnergy Price Performance

PNRG stock opened at $172.43 on Friday. The business has a 50 day moving average price of $163.35 and a 200 day moving average price of $172.46. The stock has a market cap of $284.34 million, a price-to-earnings ratio of 11.60 and a beta of 0.20. PrimeEnergy Corporation has a fifty-two week low of $137.26 and a fifty-two week high of $243.49. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.06.

PrimeEnergy (NASDAQ:PNRG - Get Free Report) last posted its earnings results on Tuesday, August 19th. The oil and natural gas company reported $1.33 earnings per share for the quarter. The firm had revenue of $41.98 million during the quarter. PrimeEnergy had a return on equity of 17.98% and a net margin of 16.54%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded PrimeEnergy from a "hold" rating to a "sell" rating in a research report on Friday, August 22nd.

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.

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