PrimeEnergy (NASDAQ:PNRG) Releases Earnings Results

Key Points

• PrimeEnergy (NASDAQ:PNRG) reported quarterly earnings of $1.33 EPS, with a net margin of 21.73% and a return on equity of 26.67%.
• Shares increased by 1.6% to reach $148.55, with the company having a market cap of $246.74 million.
• Institutional investors have been active, with significant stake increases from firms like State of Wyoming and Tower Research Capital, reflecting growing interest in the company.

PrimeEnergy (NASDAQ:PNRG - Get Free Report) released its quarterly earnings results on Tuesday. The oil and natural gas company reported $1.33 EPS for the quarter, Zacks reports. PrimeEnergy had a net margin of 16.54% and a return on equity of 17.98%. The business had revenue of $41.98 million for the quarter.

PrimeEnergy Trading Up 3.8%

PNRG stock traded up $5.56 during midday trading on Friday, reaching $150.06. The company's stock had a trading volume of 32,133 shares, compared to its average volume of 85,985. PrimeEnergy has a 52 week low of $122.49 and a 52 week high of $243.49. The stock has a market cap of $247.60 million, a PE ratio of 10.09 and a beta of 0.19. The company has a quick ratio of 0.49, a current ratio of 0.60 and a debt-to-equity ratio of 0.06. The business's 50-day simple moving average is $159.44 and its 200-day simple moving average is $178.26.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of PrimeEnergy from a "hold" rating to a "sell" rating in a research note on Friday.

Insider Transactions at PrimeEnergy

In other PrimeEnergy news, major shareholder Rothschild Robert De sold 4,389 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $188.01, for a total value of $825,175.89. Following the transaction, the insider directly owned 232,524 shares of the company's stock, valued at approximately $43,716,837.24. This trade represents a 1.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 62.77% of the company's stock.

Hedge Funds Weigh In On PrimeEnergy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Arrowstreet Capital Limited Partnership boosted its stake in PrimeEnergy by 16.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 16,719 shares of the oil and natural gas company's stock valued at $2,447,000 after acquiring an additional 2,374 shares during the last quarter. Bridgeway Capital Management LLC grew its holdings in PrimeEnergy by 5.9% during the second quarter. Bridgeway Capital Management LLC now owns 13,750 shares of the oil and natural gas company's stock valued at $2,013,000 after purchasing an additional 760 shares during the period. Empowered Funds LLC increased its stake in PrimeEnergy by 6.7% in the first quarter. Empowered Funds LLC now owns 8,649 shares of the oil and natural gas company's stock valued at $1,971,000 after purchasing an additional 541 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in PrimeEnergy in the second quarter worth $1,894,000. Finally, AQR Capital Management LLC boosted its position in shares of PrimeEnergy by 286.2% during the first quarter. AQR Capital Management LLC now owns 6,897 shares of the oil and natural gas company's stock worth $1,572,000 after purchasing an additional 5,111 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.