PrimeEnergy (NASDAQ:PNRG) Rating Lowered to "Sell" at Wall Street Zen

Key Points

• PrimeEnergy's rating has been downgraded from a "hold" to a "sell" by Wall Street Zen, impacting investor sentiment.
• Despite the downgrade, PrimeEnergy's shares rose 3.8%, opening at $150.06 on the trading day following the announcement.
• Significant insider activity was noted, with major shareholder Rothschild Robert De selling 4,389 shares valued at approximately $825,175, representing a 1.85% decrease in his position.

PrimeEnergy (NASDAQ:PNRG - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Friday.

PrimeEnergy Stock Up 3.8%

Shares of NASDAQ PNRG opened at $150.06 on Friday. The company has a current ratio of 0.60, a quick ratio of 0.49 and a debt-to-equity ratio of 0.06. PrimeEnergy has a 12 month low of $122.49 and a 12 month high of $243.49. The firm has a market capitalization of $247.60 million, a PE ratio of 10.09 and a beta of 0.19. The firm has a fifty day simple moving average of $159.44 and a two-hundred day simple moving average of $178.50.

PrimeEnergy (NASDAQ:PNRG - Get Free Report) last issued its quarterly earnings data on Tuesday, August 19th. The oil and natural gas company reported $1.33 EPS for the quarter. PrimeEnergy had a net margin of 16.54% and a return on equity of 17.98%. The business had revenue of $41.98 million during the quarter.

Insider Activity

In related news, major shareholder Rothschild Robert De sold 4,389 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $188.01, for a total value of $825,175.89. Following the completion of the transaction, the insider directly owned 232,524 shares in the company, valued at $43,716,837.24. This trade represents a 1.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 62.77% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PNRG. Invesco Ltd. bought a new position in shares of PrimeEnergy in the 4th quarter worth about $6,322,000. Qube Research & Technologies Ltd bought a new position in shares of PrimeEnergy in the 2nd quarter worth about $1,894,000. Marex Group plc bought a new position in shares of PrimeEnergy in the 2nd quarter worth about $1,317,000. American Century Companies Inc. increased its stake in shares of PrimeEnergy by 118.4% in the 1st quarter. American Century Companies Inc. now owns 15,877 shares of the oil and natural gas company's stock worth $3,618,000 after acquiring an additional 8,607 shares in the last quarter. Finally, Quantbot Technologies LP increased its stake in shares of PrimeEnergy by 51,768.8% in the 2nd quarter. Quantbot Technologies LP now owns 8,299 shares of the oil and natural gas company's stock worth $1,215,000 after acquiring an additional 8,283 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.

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