PrimeEnergy (NASDAQ:PNRG) Stock Crosses Above 200-Day Moving Average – Here’s Why

Shares of PrimeEnergy Corporation (NASDAQ:PNRG) 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 traded.

Wall Street Analyst Weigh In

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

PrimeEnergy Price Performance

The firm has a 50-day moving average of $177.12 and a 200 day moving average of $165.14. The stock has a market capitalization of $280.21 million, a price-to-earnings ratio of 16.45 and a beta of -0.03.

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

Insiders Place Their Bets

In other PrimeEnergy news, Director Clint Hurt sold 8,936 shares of the firm’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $191.58, for a total value of $1,711,958.88. Following the transaction, the director directly owned 105,763 shares of the company’s stock, valued at $20,262,075.54. This trade represents a 7.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Rothschild Robert De sold 10,151 shares of the business’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $186.19, for a total value of $1,890,014.69. Following the transaction, the insider directly owned 211,906 shares of the company’s stock, valued at $39,454,778.14. This trade represents a 4.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 50,000 shares of company stock worth $9,329,161 in the last 90 days. 62.77% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets grew its position in shares of PrimeEnergy by 690.7% during the 4th quarter. BNP Paribas Financial Markets now owns 36,546 shares of the oil and natural gas company’s stock worth $6,249,000 after buying an additional 31,924 shares during the period. Millennium Management LLC raised its position in PrimeEnergy by 143.1% in the 3rd quarter. Millennium Management LLC now owns 52,180 shares of the oil and natural gas company’s stock valued at $8,716,000 after buying an additional 30,718 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of PrimeEnergy by 6,756.6% during the third 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 in the last quarter. Qube Research & Technologies Ltd purchased a new position in shares of PrimeEnergy in the 2nd quarter worth approximately $1,894,000. Finally, Vanguard Group Inc. grew its stake in PrimeEnergy by 60.5% in the 3rd quarter. Vanguard Group Inc. now owns 25,258 shares of the oil and natural gas company’s stock valued at $4,219,000 after purchasing an additional 9,522 shares during the period.

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.