PrimeEnergy (NASDAQ:PNRG) Director Clint Hurt Sells 1,993 Shares of Stock

Key Points

• Director Clint Hurt sold 1,993 PrimeEnergy shares at an average price of $208.09, generating $414,723.37 and reducing his direct holdings by 2.17% to 89,744 shares. He also sold an additional 8,007 shares the following day for approximately $1.61 million.
• PrimeEnergy shares recently traded at $208.79, near their 200-day average of $202.92, while the stock’s 12-month range is $126.40 to $278.90.
• The company reported quarterly EPS of $2.75, missing the $5.90 consensus estimate, although revenue of $50.40 million matched expectations. Analysts maintain a consensus “Hold” rating.

PrimeEnergy Corporation (NASDAQ:PNRG - Get Free Report) Director Clint Hurt sold 1,993 shares of the company's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $208.09, for a total transaction of $414,723.37. Following the transaction, the director directly owned 89,744 shares of the company's stock, valued at approximately $18,674,828.96. This represents a 2.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 transaction of $1,611,729.03.

PrimeEnergy Stock Performance

Shares of NASDAQ:PNRG traded up $1.68 during midday trading on Wednesday, hitting $208.79. 122,236 shares of the company's stock traded hands, compared to its average volume of 65,309. The firm's fifty day moving average price is $186.60 and its two-hundred day moving average price is $202.92. PrimeEnergy Corporation has a twelve month low of $126.40 and a twelve month high of $278.90. The company has a market cap of $330.51 million, a PE ratio of 20.11 and a beta of -0.27.

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

Institutional Trading of PrimeEnergy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System boosted its stake in PrimeEnergy by 4,225.9% during the 2nd quarter. California State Teachers Retirement System now owns 1,168 shares of the oil and natural gas company's stock valued at $195,000 after acquiring an additional 1,141 shares during the last quarter. Bank of America Corp DE increased its position in shares of PrimeEnergy by 80.1% in the 1st quarter. Bank of America Corp DE now owns 4,494 shares of the oil and natural gas company's stock worth $1,046,000 after purchasing an additional 1,999 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of PrimeEnergy by 16.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 19,027 shares of the oil and natural gas company's stock valued at $4,430,000 after purchasing an additional 2,741 shares in the last quarter. Walleye Capital LLC acquired a new stake in shares of PrimeEnergy in the 1st quarter valued at about $421,000. Finally, State of Wyoming lifted its position in shares of PrimeEnergy by 151.8% during the first quarter. State of Wyoming now owns 423 shares of the oil and natural gas company's stock worth $98,000 after purchasing an additional 255 shares during the last quarter.

Wall Street Analyst Weigh In

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

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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