PrimeEnergy (NASDAQ:PNRG) Shares Cross Above 200 Day Moving Average – Here’s What Happened

Shares of PrimeEnergy Corporation (NASDAQ:PNRG) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $163.50 and traded as high as $177.86. PrimeEnergy shares last traded at $175.98, with a volume of 29,687 shares.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PNRG. Weiss Ratings reaffirmed a “hold (c)” rating on shares of PrimeEnergy in a research note on Monday, December 29th. Wall Street Zen upgraded shares of PrimeEnergy from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, PrimeEnergy has a consensus rating of “Hold”.

PrimeEnergy Trading Up 2.3%

The firm has a market cap of $286.85 million, a P/E ratio of 16.84 and a beta of 0.01. The stock has a 50 day simple moving average of $173.92 and a 200-day simple moving average of $163.50.

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

Insider Buying and Selling

In other news, Director Clint Hurt sold 1,285 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $190.07, for a total transaction of $244,239.95. Following the transaction, the director owned 115,763 shares of the company’s stock, valued at approximately $22,003,073.41. The trade was a 1.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Rothschild Robert De sold 8,700 shares of the stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $182.85, for a total value of $1,590,795.00. Following the sale, the insider owned 222,057 shares in the company, valued at $40,603,122.45. The trade was a 3.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 18,700 shares of company stock worth $3,492,331. Company insiders own 62.77% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Millennium Management LLC raised its stake in shares of PrimeEnergy by 143.1% in the third quarter. Millennium Management LLC now owns 52,180 shares of the oil and natural gas company’s stock valued at $8,716,000 after acquiring an additional 30,718 shares during the period. JPMorgan Chase & Co. grew its holdings in PrimeEnergy by 6,756.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 17,210 shares of the oil and natural gas company’s stock valued at $2,875,000 after purchasing an additional 16,959 shares during the last quarter. Qube Research & Technologies Ltd purchased a new stake in PrimeEnergy in the 2nd quarter worth about $1,894,000. Vanguard Group Inc. lifted its stake in PrimeEnergy by 60.5% in the third quarter. Vanguard Group Inc. now owns 25,258 shares of the oil and natural gas company’s stock worth $4,219,000 after purchasing an additional 9,522 shares during the last quarter. Finally, Marex Group plc bought a new stake in PrimeEnergy in the second quarter worth about $1,317,000.

About PrimeEnergy

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.