PrimeEnergy (NASDAQ:PNRG) Releases Earnings Results, Misses Estimates By $6.75 EPS

PrimeEnergy (NASDAQ:PNRG) announced its earnings results on Wednesday. The oil and natural gas company reported $1.82 EPS for the quarter, missing analysts’ consensus estimates of $8.57 by ($6.75), Zacks reports. PrimeEnergy had a net margin of 13.92% and a return on equity of 12.53%.

PrimeEnergy Stock Performance

PNRG stock opened at $264.90 on Wednesday. The stock has a market capitalization of $428.61 million, a PE ratio of 24.39 and a beta of -0.15. The company has a fifty day moving average of $225.53 and a 200-day moving average of $191.24. PrimeEnergy has a one year low of $126.40 and a one year high of $278.90.

Analysts Set New Price Targets

A number of research firms have commented on PNRG. Weiss Ratings restated a “hold (c)” rating on shares of PrimeEnergy in a research note on Friday, March 27th. Wall Street Zen lowered PrimeEnergy from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, PrimeEnergy has a consensus rating of “Hold”.

Insider Activity

In related news, major shareholder Rothschild Robert De sold 13,274 shares of the stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $231.60, for a total transaction of $3,074,258.40. Following the completion of the transaction, the insider directly owned 187,483 shares of the company’s stock, valued at $43,421,062.80. This represents a 6.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Clint Hurt sold 10,000 shares of PrimeEnergy stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $230.92, for a total value of $2,309,200.00. Following the completion of the sale, the director directly owned 93,737 shares in the company, valued at $21,645,748.04. This represents a 9.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 25,274 shares of company stock valued at $5,824,338 over the last three months. 65.28% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Pacer Advisors Inc. purchased a new stake in shares of PrimeEnergy during the 4th quarter worth $760,000. Invesco Ltd. lifted its position in shares of PrimeEnergy by 537.6% during the 4th quarter. Invesco Ltd. now owns 19,950 shares of the oil and natural gas company’s stock valued at $3,411,000 after acquiring an additional 16,821 shares during the period. Empowered Funds LLC boosted its stake in shares of PrimeEnergy by 5.1% during the 4th quarter. Empowered Funds LLC now owns 11,041 shares of the oil and natural gas company’s stock worth $1,888,000 after acquiring an additional 534 shares in the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of PrimeEnergy by 3.4% in the 4th quarter. Bridgeway Capital Management LLC now owns 16,191 shares of the oil and natural gas company’s stock worth $2,769,000 after acquiring an additional 534 shares during the period. Finally, AQR Capital Management LLC increased its stake in PrimeEnergy by 20.1% in the 4th quarter. AQR Capital Management LLC now owns 14,382 shares of the oil and natural gas company’s stock valued at $2,459,000 after purchasing an additional 2,407 shares in 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.