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

Key Points

• PrimeEnergy shares moved above their 200-day moving average, reaching $211 before last trading at $208.49, compared with a 200-day average of $206.51.
• Analysts maintain a consensus “Hold” rating, while the company’s latest quarterly earnings of $2.75 per share fell well short of the $5.90 consensus estimate, despite revenue matching expectations at $50.4 million.
• Insiders sold 11,800 shares worth approximately $2.43 million over the past three months, although institutional investors including Bank of America and First Trust increased their positions.

PrimeEnergy Corporation (NASDAQ:PNRG - Get Free Report) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $206.51 and traded as high as $211.00. PrimeEnergy shares last traded at $208.49, with a volume of 91,827 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PNRG. Wall Street Zen cut shares of PrimeEnergy from a "buy" rating to a "hold" rating in a report on Sunday, May 31st. Weiss Ratings restated a "hold (c)" rating on shares of PrimeEnergy in a research report on Wednesday, June 24th. Finally, Freedom Capital raised PrimeEnergy from a "strong sell" rating to a "hold" rating in a research note on Monday, August 17th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Hold".

PrimeEnergy Stock Performance

The stock has a market cap of $329.41 million, a PE ratio of 20.09 and a beta of -0.24. The firm has a 50-day moving average price of $200.91 and a 200-day moving average price of $206.51.

PrimeEnergy (NASDAQ:PNRG - Get Free Report) last announced 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 company had revenue of $50.40 million during the quarter, compared to the consensus estimate of $50.40 million. PrimeEnergy had a return on equity of 11.47% and a net margin of 13.87%.

Insider Buying and Selling

In related news, Director Clint Hurt sold 1,800 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $221.52, for a total value of $398,736.00. Following the completion of the sale, the director directly owned 79,937 shares of the company's stock, valued at approximately $17,707,644.24. This represents a 2.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 11,800 shares of company stock valued at $2,425,188 in the last three months. Corporate insiders own 65.28% of the company's stock.

Institutional Trading of PrimeEnergy

Several institutional investors have recently made changes to their positions in the business. Bank of America Corp DE grew its holdings in 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 buying an additional 1,999 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of PrimeEnergy by 16.8% in 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 last quarter. Walleye Capital LLC bought a new stake in shares of PrimeEnergy in the 1st quarter valued at approximately $421,000. State of Wyoming boosted its stake in PrimeEnergy by 151.8% during the first quarter. State of Wyoming now owns 423 shares of the oil and natural gas company's stock worth $98,000 after buying an additional 255 shares during the period. Finally, First Trust Advisors LP boosted its stake in shares of 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 purchasing an additional 14,456 shares during the period.

PrimeEnergy Company Profile

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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