PrimeEnergy (NASDAQ:PNRG) Share Price Breaks Above 200-Day Moving Average - Should You Sell?

Key Points

• PrimeEnergy shares rose above their 200-day moving average, reaching $217.23 before last trading at $212.55, while the stock is down 3.0% and has a market capitalization of approximately $336.5 million.
• Analysts maintain a broadly neutral view: two analysts rate the stock Hold, producing a consensus “Hold” rating. The company’s latest quarterly EPS of $2.75 missed expectations of $5.90, although revenue matched forecasts at $50.4 million.
• Insiders sold 11,800 shares worth approximately $2.43 million in the last quarter, while insiders still own 65.28% of the company; several institutional investors, including Bank of America and First Trust Advisors, increased their positions.

PrimeEnergy Corporation (NASDAQ:PNRG - Get Free Report) passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $205.87 and traded as high as $217.23. PrimeEnergy shares last traded at $212.55, with a volume of 49,541 shares.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on PNRG shares. Weiss Ratings reaffirmed a "hold (c)" rating on shares of PrimeEnergy in a research report on Monday, September 21st. Freedom Capital upgraded PrimeEnergy from a "strong sell" rating to a "hold" rating in a report on Monday, August 17th. Two analysts have rated the stock with a Hold rating. According to MarketBeat.com, the stock currently has a consensus rating of "Hold".

PrimeEnergy Stock Down 3.0%

The stock has a 50-day simple moving average of $208.16 and a 200-day simple moving average of $205.87. The firm has a market capitalization of $336.47 million, a PE ratio of 20.48 and a beta of -0.18.

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

Insider Transactions at PrimeEnergy

In other PrimeEnergy news, Director Clint Hurt sold 1,800 shares of the company's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $221.52, for a total transaction of $398,736.00. Following the sale, the director directly owned 79,937 shares of the company's stock, valued at $17,707,644.24. This represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders sold 11,800 shares of company stock valued at $2,425,188. Insiders own 65.28% of the company's stock.

Hedge Funds Weigh In On PrimeEnergy

Several large investors have recently modified their holdings of the business. Bank of America Corp DE boosted its holdings in 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 buying an additional 1,999 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in PrimeEnergy by 16.8% during 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 acquiring an additional 2,741 shares during the period. Walleye Capital LLC bought a new position in shares of PrimeEnergy in the first quarter worth $421,000. State of Wyoming grew its position in shares of PrimeEnergy by 151.8% in the first quarter. State of Wyoming now owns 423 shares of the oil and natural gas company's stock valued at $98,000 after purchasing an additional 255 shares in the last quarter. Finally, First Trust Advisors LP grew its position in shares of PrimeEnergy by 679.3% in the first quarter. First Trust Advisors LP now owns 16,584 shares of the oil and natural gas company's stock valued at $3,862,000 after purchasing an additional 14,456 shares in the last quarter.

About PrimeEnergy

PrimeEnergy Corporation NASDAQ: PNRG is an independent oil and natural gas company engaged in the acquisition, development, and production of domestic oil and natural gas properties. The company operates through its wholly owned subsidiary, PrimeEnergy Resources Corporation.

PrimeEnergy's activities include drilling and completing wells, operating producing properties, and managing interests in oil and natural gas assets. Its portfolio has included properties in several U.S. producing regions, with a primary focus on conventional and development opportunities in the Appalachian Basin.

The company is headquartered in Houston, Texas, and focuses on operating and expanding its portfolio of onshore energy assets in the United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.