PrimeEnergy (NASDAQ:PNRG) Shares Pass Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• PrimeEnergy shares moved above their 200-day moving average, reaching $223.55 before last trading at $216.04, compared with a 200-day average of $203.87.
• Analysts maintain a consensus “Hold” rating. The company reported quarterly EPS of $2.75, missing the $5.90 estimate, while revenue matched expectations at $50.4 million.
• Director Clint Hurt sold 8,007 shares for approximately $1.61 million, though insiders still own 65.28% of the company; several institutional investors recently increased their positions.

Shares of 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 $203.87 and traded as high as $223.55. PrimeEnergy shares last traded at $216.04, with a volume of 75,614 shares changing hands.

Analyst Ratings Changes

Several research firms have issued reports on PNRG. 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 research note on Monday, August 17th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of PrimeEnergy in a research report on Wednesday, June 24th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has a consensus rating of "Hold".

PrimeEnergy Stock Performance

The company has a market capitalization of $341.34 million, a price-to-earnings ratio of 20.81 and a beta of -0.24. The business has a 50 day moving average price of $191.08 and a 200-day moving average price of $203.87.

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

Insider Activity

In other news, Director Clint Hurt sold 8,007 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the director owned 81,737 shares of the company's stock, valued at $16,452,840.73. This trade represents a 8.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 65.28% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its position in 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 valued at $18,366,000 after buying an additional 6,902 shares in the last quarter. First Trust Advisors LP raised its stake in PrimeEnergy by 679.3% during the 1st quarter. First Trust Advisors LP now owns 16,584 shares of the oil and natural gas company's stock worth $3,862,000 after buying an additional 14,456 shares during the period. Mangrove Partners IM LLC bought a new position in PrimeEnergy in the fourth quarter worth approximately $735,000. Arrowstreet Capital Limited Partnership boosted its holdings 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. Finally, UBS Group AG boosted its holdings in PrimeEnergy by 21.1% in the fourth quarter. UBS Group AG now owns 13,823 shares of the oil and natural gas company's stock worth $2,364,000 after acquiring an additional 2,411 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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