PrimeEnergy (NASDAQ:PNRG) Releases Earnings Results

PrimeEnergy (NASDAQ:PNRG) released its quarterly earnings data on Thursday. The oil and natural gas company reported $1.43 earnings per share (EPS) for the quarter, FiscalAI reports. PrimeEnergy had a return on equity of 12.19% and a net margin of 12.69%.The firm had revenue of $50.06 million during the quarter.

PrimeEnergy Stock Performance

Shares of PNRG traded up $14.59 during mid-day trading on Thursday, hitting $206.66. The company’s stock had a trading volume of 18,669 shares, compared to its average volume of 61,400. PrimeEnergy has a one year low of $126.40 and a one year high of $249.50. The firm has a market capitalization of $336.86 million, a PE ratio of 19.49 and a beta of -0.18. The stock’s 50-day moving average is $206.52 and its two-hundred day moving average is $179.53.

Insiders Place Their Bets

In other PrimeEnergy news, Director Clint Hurt sold 8,936 shares of the stock in a transaction on 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 completion of the sale, the director directly owned 105,763 shares of the company’s stock, valued at $20,262,075.54. This represents a 7.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Rothschild Robert De sold 10,151 shares of the firm’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $186.19, for a total transaction of $1,890,014.69. Following the completion of the sale, the insider owned 211,906 shares in the company, valued at $39,454,778.14. This represents a 4.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 31,300 shares of company stock worth $5,836,831 in the last ninety days. 62.77% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its position in PrimeEnergy by 9.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 71,970 shares of the oil and natural gas company’s stock worth $12,308,000 after buying an additional 6,487 shares in the last quarter. Millennium Management LLC lifted its position in shares of 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 worth $8,716,000 after acquiring an additional 30,718 shares during the period. BNP Paribas Financial Markets lifted its position in shares of PrimeEnergy by 690.7% in 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 acquiring an additional 31,924 shares during the period. Vanguard Group Inc. grew its holdings in shares of PrimeEnergy by 60.5% during the 3rd 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 in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of PrimeEnergy by 537.6% during the 4th quarter. Invesco Ltd. now owns 19,950 shares of the oil and natural gas company’s stock worth $3,411,000 after purchasing an additional 16,821 shares in the last quarter.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of PrimeEnergy in a research report on Friday, March 27th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of “Hold”.

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.