Invesco Ltd. Increases Holdings in 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% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,084 shares of the oil and natural gas company's stock after purchasing an additional 5,294 shares during the quarter. Invesco Ltd. owned 2.04% of PrimeEnergy worth $7,767,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Wells Fargo & Company MN raised its stake in shares of PrimeEnergy by 23.5% in the fourth quarter. Wells Fargo & Company MN now owns 425 shares of the oil and natural gas company's stock worth $93,000 after purchasing an additional 81 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of PrimeEnergy by 14.9% in the first quarter. Victory Capital Management Inc. now owns 1,536 shares of the oil and natural gas company's stock worth $350,000 after purchasing an additional 199 shares during the last quarter. Northern Trust Corp raised its stake in shares of PrimeEnergy by 4.7% in the fourth quarter. Northern Trust Corp now owns 10,425 shares of the oil and natural gas company's stock worth $2,289,000 after purchasing an additional 464 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of PrimeEnergy by 69.6% in the first quarter. Bank of New York Mellon Corp now owns 1,896 shares of the oil and natural gas company's stock worth $432,000 after purchasing an additional 778 shares during the last quarter. Finally, Nuveen Asset Management LLC purchased a new position in shares of PrimeEnergy in the fourth quarter worth $207,000.

PrimeEnergy Stock Performance

Shares of PNRG opened at $145.99 on Tuesday. The business has a fifty day moving average of $159.45 and a 200 day moving average of $177.71. PrimeEnergy Corporation has a one year low of $122.49 and a one year high of $243.49. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.60 and a quick ratio of 0.60. The firm has a market capitalization of $240.88 million, a P/E ratio of 9.82 and a beta of 0.19.

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

Insider Activity at PrimeEnergy

In related news, major shareholder Rothschild Robert De sold 1,767 shares of the business's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $187.00, for a total value of $330,429.00. Following the sale, the insider directly owned 230,757 shares in the company, valued at approximately $43,151,559. The trade was a 0.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 62.77% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen cut PrimeEnergy from a "hold" rating to a "sell" rating in a research note on Friday.

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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