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

Key Points

• PrimeEnergy shares moved above their 200-day moving average, reaching $208.58 before trading at $204.66; the stock’s 200-day average is $206.26.
• Analysts maintain a consensus “Hold” rating, while the company’s latest quarterly EPS of $2.75 fell well short of the $5.90 consensus estimate, despite revenue matching expectations at $50.4 million.
• Insider selling has increased, with insiders selling 11,800 shares worth $2.43 million over the past 90 days; however, institutional investors including Dimensional Fund Advisors and Bank of America also expanded their positions.

Shares of PrimeEnergy Corporation (NASDAQ:PNRG - Get Free Report) crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $206.26 and traded as high as $208.58. PrimeEnergy shares last traded at $204.66, with a volume of 30,765 shares changing hands.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Freedom Capital upgraded PrimeEnergy from a "strong sell" rating to a "hold" rating in a research report on Monday, August 17th. Weiss Ratings reissued a "hold (c)" rating on shares of PrimeEnergy in a research note on Monday, September 21st. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of "Hold".

PrimeEnergy Price Performance

The business has a 50 day moving average of $203.47 and a 200 day moving average of $206.26. The company has a market cap of $323.98 million, a PE ratio of 19.72 and a beta of -0.18.

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). PrimeEnergy had a net margin of 13.87% and a return on equity of 11.47%. The company had revenue of $50.40 million for the quarter, compared to analysts' expectations of $50.40 million.

Insider Activity

In related news, Director Clint Hurt sold 8,007 shares of the business's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $201.29, for a total transaction of $1,611,729.03. Following the transaction, the director owned 81,737 shares in the company, valued at $16,452,840.73. The trade was a 8.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 11,800 shares of company stock worth $2,425,188 in the last 90 days. 65.28% of the stock is owned by insiders.

Institutional Trading of PrimeEnergy

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its position in shares of PrimeEnergy by 9.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 78,872 shares of the oil and natural gas company's stock worth $18,366,000 after acquiring an additional 6,902 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of PrimeEnergy by 16.8% during the first 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. First Trust Advisors LP boosted its position in shares of PrimeEnergy by 679.3% during 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. Janney Montgomery Scott LLC raised its holdings in PrimeEnergy by 1.5% in the first quarter. Janney Montgomery Scott LLC now owns 8,061 shares of the oil and natural gas company's stock worth $1,877,000 after purchasing an additional 121 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in PrimeEnergy by 80.1% in the first 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 in the last quarter.

About PrimeEnergy

PrimeEnergy Resources Corporation is an independent oil and natural gas company engaged in the acquisition, development, and production of oil and natural gas properties. The company also provides related operational and asset-management activities associated with its energy properties.

PrimeEnergy has historically focused on developing producing and prospective onshore properties in the United States, with operations and interests that have included the Appalachian region and other domestic oil and gas areas.

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