PrimeEnergy (NASDAQ:PNRG) Stock Crosses Above 200 Day Moving Average - Time to Sell?

Key Points

• PrimeEnergy shares crossed above their 200-day moving average, reaching $214.34 before last trading at $211.11, compared with a 200-day average of $205.60.
• Analysts maintain a broadly neutral view, with all tracked ratings at “Hold”. The company’s latest quarterly EPS of $2.75 fell well short of the $5.90 consensus estimate, although revenue matched expectations at $50.4 million.
• Insiders have been selling shares, including a director’s $1.61 million transaction, with insiders selling 11,800 shares worth $2.43 million over the past 90 days. Insiders still own a substantial 65.28% of the company.

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 $205.60 and traded as high as $214.34. PrimeEnergy shares last traded at $211.11, with a volume of 50,141 shares.

Analysts Set New Price Targets

Several analysts recently commented on PNRG shares. Wall Street Zen downgraded 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 report on Monday, August 17th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of PrimeEnergy in a research report on Wednesday, June 24th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of "Hold".

PrimeEnergy Price Performance

The company's 50-day moving average is $197.21 and its two-hundred day moving average is $205.60. The firm has a market cap of $333.55 million, a P/E ratio of 20.34 and a beta of -0.24.

PrimeEnergy (NASDAQ:PNRG - Get Free Report) last announced 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 firm had revenue of $50.40 million during the quarter, compared to the consensus estimate of $50.40 million.

Insider Activity

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System boosted its stake in shares of PrimeEnergy by 4,225.9% in 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 purchasing an additional 1,141 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of PrimeEnergy by 80.1% during the 1st quarter. Bank of America Corp DE now owns 4,494 shares of the oil and natural gas company's stock valued at $1,046,000 after purchasing an additional 1,999 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position 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 worth $4,430,000 after purchasing an additional 2,741 shares in the last quarter. Walleye Capital LLC acquired a new position in PrimeEnergy during the 1st quarter worth approximately $421,000. Finally, State of Wyoming lifted its stake in PrimeEnergy by 151.8% in the 1st 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 during the last quarter.

PrimeEnergy Company Profile

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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