PrimeEnergy (NASDAQ:PNRG) Downgraded to Strong Sell Rating by Freedom Capital

PrimeEnergy (NASDAQ:PNRG) was downgraded by equities research analysts at Freedom Capital from a “hold” rating to a “strong sell” rating in a research report issued on Thursday,Zacks.com reports.

Other equities analysts also recently issued reports about the stock. Wall Street Zen upgraded shares of PrimeEnergy from a “hold” rating to a “buy” rating in a report on Saturday, May 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of PrimeEnergy in a report on Friday, March 27th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Reduce”.

PrimeEnergy Stock Down 7.0%

Shares of PNRG stock opened at $164.62 on Thursday. The stock has a market cap of $266.36 million, a P/E ratio of 18.37 and a beta of -0.15. PrimeEnergy has a 52 week low of $126.40 and a 52 week high of $278.90. The company’s fifty day simple moving average is $228.85 and its two-hundred day simple moving average is $196.17.

PrimeEnergy (NASDAQ:PNRG) last announced its earnings results on Thursday, April 16th. The oil and natural gas company reported $1.43 earnings per share (EPS) for the quarter. The firm had revenue of $50.06 million for the quarter. PrimeEnergy had a net margin of 12.06% and a return on equity of 10.10%.

Insider Transactions at PrimeEnergy

In other PrimeEnergy news, Director Clint Hurt sold 2,000 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $220.44, for a total value of $440,880.00. Following the transaction, the director directly owned 91,737 shares in the company, valued at $20,222,504.28. This represents a 2.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Rothschild Robert De sold 13,274 shares of the firm’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $231.60, for a total transaction of $3,074,258.40. Following the transaction, the insider directly owned 187,483 shares in the company, valued at approximately $43,421,062.80. This trade represents a 6.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 25,274 shares of company stock valued at $5,824,338 in the last quarter. 65.28% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PrimeEnergy

A number of institutional investors have recently modified their holdings of the stock. Bank of America Corp DE increased its position in shares of PrimeEnergy by 80.1% during the first quarter. Bank of America Corp DE now owns 4,494 shares of the oil and natural gas company’s stock worth $1,046,000 after acquiring an additional 1,999 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of PrimeEnergy by 16.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 19,027 shares of the oil and natural gas company’s stock worth $4,430,000 after acquiring an additional 2,741 shares during the period. Walleye Capital LLC purchased a new position in shares of PrimeEnergy during the first quarter worth approximately $421,000. State of Wyoming increased its position in shares of 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 acquiring an additional 255 shares during the period. Finally, First Trust Advisors LP increased its position in shares of PrimeEnergy by 679.3% during the first quarter. First Trust Advisors LP now owns 16,584 shares of the oil and natural gas company’s stock worth $3,862,000 after acquiring an additional 14,456 shares during the period.

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.