Freedom Capital Upgrades PrimeEnergy (NASDAQ:PNRG) to Hold

Key Points

• Freedom Capital upgraded PrimeEnergy from “strong sell” to “hold,” aligning with the broader consensus rating of “Hold” from other analysts.
• PrimeEnergy reported quarterly earnings of $2.75 per share, missing the $5.90 consensus estimate, while revenue matched expectations at $50.4 million.
• PNRG shares opened at $212.71, with a market capitalization of approximately $344.6 million and a 52-week trading range of $126.40 to $278.90.

PrimeEnergy (NASDAQ:PNRG - Get Free Report) was upgraded by research analysts at Freedom Capital from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other research firms have also recently commented on PNRG. Weiss Ratings reaffirmed a "hold (c)" rating on shares of PrimeEnergy in a research report on Wednesday, June 24th. Wall Street Zen downgraded shares of PrimeEnergy from a "buy" rating to a "hold" rating in a report on Sunday, May 31st. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of "Hold".

PrimeEnergy Price Performance

Shares of PNRG stock opened at $212.71 on Monday. PrimeEnergy has a one year low of $126.40 and a one year high of $278.90. The stock has a market cap of $344.59 million, a PE ratio of 20.49 and a beta of -0.27. The stock has a 50-day moving average of $184.00 and a 200-day moving average of $201.93.

PrimeEnergy (NASDAQ:PNRG - Get Free Report) last posted its earnings results on Friday, August 14th. The oil and natural gas company reported $2.75 earnings per share for the quarter, missing the consensus estimate of $5.90 by ($3.15). The firm had revenue of $50.40 million during the quarter, compared to analyst estimates of $50.40 million. PrimeEnergy had a return on equity of 11.51% and a net margin of 13.87%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PNRG. State of Wyoming raised its holdings in PrimeEnergy by 78.7% in the 4th quarter. State of Wyoming now owns 168 shares of the oil and natural gas company's stock valued at $29,000 after acquiring an additional 74 shares in the last quarter. Quarry LP bought a new stake in shares of PrimeEnergy during the 3rd quarter valued at approximately $38,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of PrimeEnergy during the third quarter worth $44,000. Tower Research Capital LLC TRC raised its position in PrimeEnergy by 571.8% in the second quarter. Tower Research Capital LLC TRC now owns 477 shares of the oil and natural gas company's stock valued at $70,000 after purchasing an additional 406 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in PrimeEnergy by 74.8% in the 4th quarter. Wells Fargo & Company MN now owns 479 shares of the oil and natural gas company's stock valued at $82,000 after buying an additional 205 shares during the last quarter.

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. It also acquires producing oil and gas properties through joint ventures with industry partners; and provides contract services to third parties, including well-servicing support, site-preparation, and construction services for oil and gas drilling and reworking operations.

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