PrimeEnergy (NASDAQ:PNRG) Posts Quarterly Earnings Results, Misses Expectations By $3.15 EPS

PrimeEnergy (NASDAQ:PNRG) announced its quarterly earnings results on Friday. The oil and natural gas company reported $2.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.90 by ($3.15), Zacks reports. PrimeEnergy had a net margin of 12.06% and a return on equity of 10.10%.

PrimeEnergy Stock Performance

Shares of NASDAQ:PNRG traded up $5.39 during midday trading on Friday, hitting $200.98. 44,548 shares of the stock were exchanged, compared to its average volume of 72,097. The stock has a market capitalization of $325.59 million, a price-to-earnings ratio of 21.83 and a beta of -0.27. The business’s 50-day moving average price is $182.66 and its 200 day moving average price is $201.27. PrimeEnergy has a 12 month low of $126.40 and a 12 month high of $278.90.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. State of Wyoming boosted its position in PrimeEnergy by 78.7% during the 4th quarter. State of Wyoming now owns 168 shares of the oil and natural gas company’s stock worth $29,000 after buying an additional 74 shares during the period. Barclays PLC increased its position in PrimeEnergy by 33.8% in the 4th quarter. Barclays PLC now owns 637 shares of the oil and natural gas company’s stock valued at $109,000 after acquiring an additional 161 shares during the period. Marex Group plc increased its position in PrimeEnergy by 2.1% in the 4th quarter. Marex Group plc now owns 9,496 shares of the oil and natural gas company’s stock valued at $1,624,000 after acquiring an additional 196 shares during the period. Wells Fargo & Company MN increased its position in PrimeEnergy by 74.8% in the 4th quarter. Wells Fargo & Company MN now owns 479 shares of the oil and natural gas company’s stock valued at $82,000 after acquiring an additional 205 shares during the period. Finally, Quarry LP bought a new position in shares of PrimeEnergy during the third quarter valued at $38,000.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Freedom Capital lowered shares of PrimeEnergy from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of PrimeEnergy in a report on Wednesday, June 24th. Finally, Wall Street Zen cut PrimeEnergy from a “buy” rating to a “hold” rating in a research note on Sunday, May 31st. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce”.

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.