Ritholtz Wealth Management Lowers Holdings in PrimeEnergy Corporation $PNRG

Key Points

• Ritholtz Wealth Management significantly reduced its holdings in PrimeEnergy Corporation by 53.7%, selling 1,980 shares and leaving it with approximately 1,709 shares valued at $250,000.
• Multiple hedge funds have recently adjusted their positions in PrimeEnergy, with American Century Companies increasing its stake by 118.4% to own 15,877 shares valued at $3,618,000.
• The company has faced recent analyst downgrades, including a cut from a "hold" rating to a "sell" rating by Wall Street Zen, while other analysts maintain a consensus rating of "hold."

Ritholtz Wealth Management decreased its holdings in PrimeEnergy Corporation (NASDAQ:PNRG - Free Report) by 53.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,709 shares of the oil and natural gas company's stock after selling 1,980 shares during the quarter. Ritholtz Wealth Management owned approximately 0.10% of PrimeEnergy worth $250,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PNRG. American Century Companies Inc. grew its holdings in PrimeEnergy by 118.4% in the 1st quarter. American Century Companies Inc. now owns 15,877 shares of the oil and natural gas company's stock valued at $3,618,000 after buying an additional 8,607 shares during the period. Invesco Ltd. grew its holdings in PrimeEnergy by 18.4% in the 1st quarter. Invesco Ltd. now owns 34,084 shares of the oil and natural gas company's stock valued at $7,767,000 after buying an additional 5,294 shares during the period. AQR Capital Management LLC grew its holdings 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 buying an additional 5,111 shares during the period. Strs Ohio purchased a new stake in PrimeEnergy in the 1st quarter valued at about $501,000. Finally, Navellier & Associates Inc. purchased a new stake in PrimeEnergy in the 1st quarter valued at about $478,000.

Wall Street Analysts Forecast Growth

PNRG has been the subject of several recent analyst reports. Wall Street Zen cut PrimeEnergy from a "hold" rating to a "sell" rating in a report on Friday, August 22nd. Weiss Ratings reiterated a "hold (c+)" rating on shares of PrimeEnergy in a report on Wednesday, October 8th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of "Hold".

PrimeEnergy Stock Down 3.7%

Shares of NASDAQ:PNRG opened at $153.03 on Wednesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.60 and a current ratio of 0.60. PrimeEnergy Corporation has a 1 year low of $138.18 and a 1 year high of $243.49. The stock has a market capitalization of $252.35 million, a P/E ratio of 10.29 and a beta of 0.20. The stock has a 50-day simple moving average of $160.30 and a 200-day simple moving average of $166.04.

PrimeEnergy (NASDAQ:PNRG - Get Free Report) last issued its 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.

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.

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