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

Key Points

• PrimeEnergy shares fell below their 200-day moving average, trading as low as $202.23 versus the $202.93 average, with a market capitalization of approximately $319.5 million.
• Analysts maintain a generally cautious stance: two analysts rate the stock “Hold,” while Freedom Capital upgraded it from “Strong Sell” to “Hold.” The company’s latest quarterly EPS of $2.75 missed the $5.90 consensus estimate, although revenue matched expectations at $50.4 million.
• Insiders sold 11,800 shares worth about $2.43 million over the past quarter, while several institutional investors increased their positions. Corporate insiders still own a substantial 65.28% of outstanding shares.

PrimeEnergy Corporation (NASDAQ:PNRG - Get Free Report) passed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $202.93 and traded as low as $202.23. PrimeEnergy shares last traded at $202.23, with a volume of 34,658 shares trading hands.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Freedom Capital raised shares of PrimeEnergy from a "strong sell" rating to a "hold" rating in a report on Monday, August 17th. Weiss Ratings upgraded PrimeEnergy from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, October 22nd. Two equities research analysts have rated the stock with a Hold rating. According to MarketBeat.com, the company has an average rating of "Hold".

PrimeEnergy Stock Performance

The firm has a market capitalization of $319.52 million, a PE ratio of 19.48 and a beta of -0.18. The company has a fifty day moving average price of $210.94 and a 200-day moving average price of $202.93.

PrimeEnergy (NASDAQ:PNRG - Get Free Report) last posted its earnings results on Friday, August 14th. The oil and natural gas company reported $2.75 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 firm had revenue of $50.40 million for the quarter, compared to the consensus estimate of $50.40 million.

Insider Transactions at PrimeEnergy

In other PrimeEnergy news, Director Clint Hurt sold 1,800 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $221.52, for a total transaction of $398,736.00. Following the completion of the transaction, the director owned 79,937 shares in the company, valued at $17,707,644.24. This trade 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. Insiders have sold a total of 11,800 shares of company stock worth $2,425,188 over the last quarter. 65.28% of the stock is owned by corporate insiders.

Institutional Trading of PrimeEnergy

A number of large investors have recently made changes to their positions in PNRG. Dimensional Fund Advisors LP raised its position in shares of PrimeEnergy by 9.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 78,872 shares of the oil and natural gas company's stock valued at $18,366,000 after buying an additional 6,902 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in PrimeEnergy by 16.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 19,027 shares of the oil and natural gas company's stock worth $4,430,000 after acquiring an additional 2,741 shares in the last quarter. First Trust Advisors LP grew its position in 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 worth $3,862,000 after acquiring an additional 14,456 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in PrimeEnergy by 1.5% during 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 acquiring an additional 121 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in PrimeEnergy by 80.1% during 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 acquiring an additional 1,999 shares during the last quarter.

About PrimeEnergy

PrimeEnergy Resources Corporation NASDAQ: PNRG is an independent oil and natural gas company engaged in the acquisition, development, and production of crude oil and natural gas properties. Its activities include operating producing wells, developing reserves, and managing oil and gas assets.

The company focuses on onshore properties in the United States and has historically pursued opportunities in established domestic producing regions, including the Appalachian and central U.S. areas.

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