Insider Selling: PrimeEnergy (NASDAQ:PNRG) Director Sells 1,800 Shares

Key Points

• PrimeEnergy director Clint Hurt sold 1,800 shares at an average price of $221.52, generating $398,736 and reducing his stake by 2.2% to 79,937 shares. He also sold more than $2 million worth of shares in two earlier August transactions.
• PrimeEnergy shares rose 0.9% to $217.35, with a market capitalization of approximately $343 million. The stock has traded between $126.40 and $278.90 over the past year.
• The company reported quarterly EPS of $2.75, well below analysts’ $5.90 consensus estimate, while revenue matched expectations at $50.4 million. Analysts maintain an overall “Hold” rating.

PrimeEnergy Corporation (NASDAQ:PNRG - Get Free Report) Director Clint Hurt sold 1,800 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $221.52, for a total value of $398,736.00. Following the sale, the director owned 79,937 shares in the company, valued at approximately $17,707,644.24. This represents a 2.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Clint Hurt also recently made the following trade(s):

• On Tuesday, August 25th, Clint Hurt sold 8,007 shares of PrimeEnergy stock. The stock was sold at an average price of $201.29, for a total value of $1,611,729.03.
• On Monday, August 24th, Clint Hurt sold 1,993 shares of PrimeEnergy stock. The shares were sold at an average price of $208.09, for a total value of $414,723.37.

PrimeEnergy Stock Up 0.9%

Shares of NASDAQ:PNRG traded up $2.00 during midday trading on Friday, reaching $217.35. 74,752 shares of the company traded hands, compared to its average volume of 67,585. PrimeEnergy Corporation has a 12 month low of $126.40 and a 12 month high of $278.90. The firm has a market capitalization of $343.41 million, a price-to-earnings ratio of 20.94 and a beta of -0.24. The firm's fifty day moving average price is $191.97 and its two-hundred day moving average price is $204.18.

PrimeEnergy (NASDAQ:PNRG - Get Free Report) last issued its quarterly earnings data on Friday, August 14th. The oil and natural gas company reported $2.75 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.90 by ($3.15). The company had revenue of $50.40 million for the quarter, compared to analysts' expectations of $50.40 million. PrimeEnergy had a return on equity of 11.47% and a net margin of 13.87%.

Analysts Set New Price Targets

PNRG has been the topic of a number of analyst reports. Wall Street Zen lowered shares of PrimeEnergy from a "buy" rating to a "hold" rating in a report on Sunday, May 31st. Freedom Capital raised shares of PrimeEnergy from a "strong sell" rating to a "hold" rating in a report on Monday, August 17th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of PrimeEnergy in a research note on Wednesday, June 24th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of "Hold".

Institutional Trading of PrimeEnergy

Hedge funds have recently made changes to their positions in the stock. State of Wyoming raised its position in PrimeEnergy by 78.7% during the fourth quarter. State of Wyoming now owns 168 shares of the oil and natural gas company's stock valued at $29,000 after purchasing an additional 74 shares in the last quarter. Quarry LP purchased a new position in shares of PrimeEnergy in the 3rd quarter worth about $38,000. Caitong International Asset Management Co. Ltd bought a new position in shares of PrimeEnergy during the 3rd quarter valued at about $44,000. Tower Research Capital LLC TRC increased its position in shares of PrimeEnergy by 571.8% during the 2nd 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 shares of PrimeEnergy by 74.8% during 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 in the last 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. 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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