Meeder Asset Management Inc. Raises Stake in PrimeEnergy Corporation (NASDAQ:PNRG)

Key Points

• Meeder Asset Management Inc. significantly increased its stake in PrimeEnergy Corporation by 1,879.1%, acquiring an additional 1,616 shares, bringing its total ownership to 1,702 shares valued at approximately $388,000.
• PrimeEnergy's stock saw an increase of 3.2%, with a current price of $182.00, while the company boasts a market capitalization of $302.12 million and a price-to-earnings ratio of 8.54.
• Major shareholder Rothschild Robert De sold 1,767 shares at an average price of $187.00, reducing their ownership by 0.76%, which highlights active trading among insiders.

Meeder Asset Management Inc. raised its position in PrimeEnergy Corporation (NASDAQ:PNRG - Free Report) by 1,879.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,702 shares of the oil and natural gas company's stock after acquiring an additional 1,616 shares during the period. Meeder Asset Management Inc. owned approximately 0.10% of PrimeEnergy worth $388,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in PNRG. Navellier & Associates Inc. acquired a new stake in shares of PrimeEnergy in the first quarter valued at about $478,000. Victory Capital Management Inc. lifted 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 valued at $350,000 after purchasing an additional 199 shares during the period. Bank of New York Mellon Corp lifted 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 valued at $432,000 after purchasing an additional 778 shares during the period. Ritholtz Wealth Management acquired a new stake in shares of PrimeEnergy in the first quarter valued at about $841,000. Finally, GAMMA Investing LLC lifted its stake in shares of PrimeEnergy by 22,683.3% in the first quarter. GAMMA Investing LLC now owns 1,367 shares of the oil and natural gas company's stock valued at $312,000 after purchasing an additional 1,361 shares during the period.

PrimeEnergy Price Performance

Shares of NASDAQ PNRG traded down $10.86 during midday trading on Friday, hitting $157.71. The company had a trading volume of 60,237 shares, compared to its average volume of 75,604. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.03. PrimeEnergy Corporation has a twelve month low of $105.03 and a twelve month high of $243.49. The business has a 50-day simple moving average of $161.56 and a two-hundred day simple moving average of $184.16. The firm has a market capitalization of $261.80 million, a price-to-earnings ratio of 7.40 and a beta of 0.19.

PrimeEnergy (NASDAQ:PNRG - Get Free Report) last posted its earnings results on Monday, May 19th. The oil and natural gas company reported $3.72 earnings per share for the quarter. PrimeEnergy had a net margin of 21.73% and a return on equity of 26.67%. The firm had revenue of $50.06 million during the quarter.

Insiders Place Their Bets

In other PrimeEnergy news, major shareholder Rothschild Robert De sold 4,389 shares of the firm's stock in a transaction dated 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 transaction, the insider directly owned 232,524 shares in the company, valued at approximately $43,716,837.24. This trade represents a 1.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 62.77% of the company's stock.

PrimeEnergy Company 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.