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.

Wall Street Zen downgraded shares of PrimeEnergy (NASDAQ:PNRG - Free Report) from a hold rating to a sell rating in a report released on Friday morning.

PrimeEnergy Price Performance

Shares of PrimeEnergy stock traded down $2.92 on Friday, hitting $150.49. The company had a trading volume of 69,224 shares, compared to its average volume of 81,090. The business has a 50-day simple moving average of $159.68 and a 200-day simple moving average of $177.01. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.60 and a quick ratio of 0.60. The company has a market cap of $248.31 million, a PE ratio of 10.12 and a beta of 0.19. PrimeEnergy has a 52 week low of $122.49 and a 52 week high of $243.49.

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

Insiders Place Their Bets

In related news, major shareholder Rothschild Robert De sold 1,767 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $187.00, for a total transaction of $330,429.00. Following the completion of the sale, the insider directly owned 230,757 shares in the company, valued at approximately $43,151,559. This trade represents a 0.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 62.77% of the company's stock.

Institutional Trading of PrimeEnergy

A number of large investors have recently added to or reduced their stakes in the business. Marex Group plc bought a new stake in PrimeEnergy during the second quarter worth approximately $1,317,000. State of Wyoming boosted its holdings in PrimeEnergy by 62.7% during the second quarter. State of Wyoming now owns 423 shares of the oil and natural gas company's stock worth $62,000 after buying an additional 163 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in PrimeEnergy by 571.8% during the second quarter. Tower Research Capital LLC TRC now owns 477 shares of the oil and natural gas company's stock worth $70,000 after buying an additional 406 shares in the last quarter. Cannell Capital LLC lifted its position in shares of PrimeEnergy by 10.7% in the 2nd quarter. Cannell Capital LLC now owns 6,702 shares of the oil and natural gas company's stock valued at $981,000 after acquiring an additional 649 shares in the last quarter. Finally, Engineers Gate Manager LP purchased a new stake in shares of PrimeEnergy in the 2nd quarter valued at approximately $749,000.

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.