Invesco Ltd. Acquires 5,294 Shares of PrimeEnergy Corporation $PNRG

Key Points

• Invesco Ltd. increased its holdings in PrimeEnergy Corporation by 18.4% during the first quarter, now owning 34,084 shares valued at approximately $7.77 million.
• Several hedge funds also raised their stakes in PrimeEnergy, with Bank of New York Mellon Corp leading with a 69.6% increase in the first quarter.
• Analysts have recently downgraded PrimeEnergy from a "hold" rating to a "sell" rating, indicating bearish sentiment on the stock.

Invesco Ltd. lifted its holdings in PrimeEnergy Corporation (NASDAQ:PNRG - Free Report) by 18.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,084 shares of the oil and natural gas company's stock after acquiring an additional 5,294 shares during the quarter. Invesco Ltd. owned approximately 2.04% of PrimeEnergy worth $7,767,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of PNRG. Wells Fargo & Company MN boosted its holdings in shares of PrimeEnergy by 23.5% in the 4th quarter. Wells Fargo & Company MN now owns 425 shares of the oil and natural gas company's stock worth $93,000 after acquiring an additional 81 shares in the last quarter. Nuveen Asset Management LLC acquired a new position in shares of PrimeEnergy in the 4th quarter worth approximately $207,000. Ellevest Inc. acquired a new position in shares of PrimeEnergy in the 4th quarter worth approximately $241,000. GAMMA Investing LLC boosted its holdings in shares of PrimeEnergy by 22,683.3% in the 1st quarter. GAMMA Investing LLC now owns 1,367 shares of the oil and natural gas company's stock worth $312,000 after acquiring an additional 1,361 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its holdings in shares of PrimeEnergy by 458.4% in the 4th quarter. Lazard Asset Management LLC now owns 1,530 shares of the oil and natural gas company's stock worth $335,000 after acquiring an additional 1,256 shares in the last quarter.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other PrimeEnergy news, major shareholder Rothschild Robert De sold 4,389 shares of the company's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $188.01, for a total transaction of $825,175.89. Following the completion of the sale, the insider owned 232,524 shares in the company, valued at approximately $43,716,837.24. The trade was a 1.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 62.77% of the stock is owned by company insiders.

PrimeEnergy Trading Up 0.5%

PNRG stock traded up $0.78 during trading on Friday, hitting $151.27. The company had a trading volume of 42,510 shares, compared to its average volume of 80,121. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.06. The firm has a 50-day moving average price of $159.64 and a 200-day moving average price of $176.42. PrimeEnergy Corporation has a 12 month low of $122.49 and a 12 month high of $243.49. The stock has a market cap of $249.60 million, a price-to-earnings ratio of 10.17 and a beta of 0.20.

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

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.