PrimeEnergy (NASDAQ:PNRG) Shares Pass Above 200 Day Moving Average – What’s Next?

PrimeEnergy Corporation (NASDAQ:PNRG) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $165.14 and traded as high as $179.63. PrimeEnergy shares last traded at $171.91, with a volume of 22,009 shares.

Analyst Ratings Changes

Several brokerages have recently commented on PNRG. Wall Street Zen upgraded shares of PrimeEnergy from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of PrimeEnergy in a research note on Monday, December 29th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock has an average rating of “Hold”.

PrimeEnergy Trading Down 2.6%

The company has a market capitalization of $273.86 million, a price-to-earnings ratio of 16.03 and a beta of -0.03. The business’s 50 day moving average price is $176.62 and its two-hundred day moving average price is $165.21.

PrimeEnergy (NASDAQ:PNRG) last issued its quarterly earnings data on Wednesday, November 19th. The oil and natural gas company reported $4.38 EPS for the quarter. PrimeEnergy had a net margin of 12.69% and a return on equity of 12.19%. The business had revenue of $44.66 million during the quarter.

Insider Buying and Selling at PrimeEnergy

In other news, Director Clint Hurt sold 8,936 shares of PrimeEnergy stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $191.58, for a total transaction of $1,711,958.88. Following the sale, the director directly owned 105,763 shares of the company’s stock, valued at approximately $20,262,075.54. This trade represents a 7.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Rothschild Robert De sold 1,149 shares of the company’s stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $186.75, for a total value of $214,575.75. Following the completion of the transaction, the insider directly owned 200,757 shares of the company’s stock, valued at $37,491,369.75. This represents a 0.57% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 50,000 shares of company stock worth $9,329,161. 62.77% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PrimeEnergy

A number of institutional investors have recently added to or reduced their stakes in PNRG. Aviva PLC acquired a new position in PrimeEnergy during the 2nd quarter worth about $281,000. Marex Group plc bought a new position in shares of PrimeEnergy during the second quarter worth about $1,317,000. Wittenberg Investment Management Inc. acquired a new position in shares of PrimeEnergy in the second quarter worth approximately $439,000. Magnetar Financial LLC bought a new stake in PrimeEnergy in the second quarter valued at approximately $298,000. Finally, Quantbot Technologies LP increased its position in PrimeEnergy by 51,768.8% during the 2nd quarter. Quantbot Technologies LP now owns 8,299 shares of the oil and natural gas company’s stock valued at $1,215,000 after purchasing an additional 8,283 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.