Mangrove Partners IM LLC Acquires Shares of 4,298 PrimeEnergy Corporation $PNRG

Mangrove Partners IM LLC acquired a new stake in shares of PrimeEnergy Corporation (NASDAQ:PNRG) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 4,298 shares of the oil and natural gas company’s stock, valued at approximately $735,000. Mangrove Partners IM LLC owned about 0.26% of PrimeEnergy as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PNRG. AQR Capital Management LLC raised its stake in PrimeEnergy by 286.2% during the 1st quarter. AQR Capital Management LLC now owns 6,897 shares of the oil and natural gas company’s stock valued at $1,572,000 after acquiring an additional 5,111 shares during the last quarter. Empowered Funds LLC raised its stake in PrimeEnergy by 6.7% during the 1st quarter. Empowered Funds LLC now owns 8,649 shares of the oil and natural gas company’s stock valued at $1,971,000 after acquiring an additional 541 shares during the last quarter. Rhumbline Advisers raised its stake in PrimeEnergy by 99.3% during the 2nd quarter. Rhumbline Advisers now owns 1,373 shares of the oil and natural gas company’s stock valued at $201,000 after acquiring an additional 684 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in PrimeEnergy by 16.5% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 16,719 shares of the oil and natural gas company’s stock valued at $2,447,000 after acquiring an additional 2,374 shares during the last quarter. Finally, Qube Research & Technologies Ltd purchased a new stake in PrimeEnergy during the 2nd quarter valued at approximately $1,894,000.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PNRG. Weiss Ratings reissued a “hold (c)” rating on shares of PrimeEnergy in a research note on Friday, March 27th. Freedom Capital downgraded PrimeEnergy from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 28th. Finally, Wall Street Zen downgraded PrimeEnergy from a “buy” rating to a “hold” rating in a research note on Sunday, May 31st. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce”.

PrimeEnergy Trading Down 0.9%

Shares of PNRG stock opened at $176.50 on Wednesday. The company has a market cap of $285.58 million, a price-to-earnings ratio of 19.70 and a beta of -0.24. The stock has a 50 day simple moving average of $218.45 and a 200-day simple moving average of $199.51. PrimeEnergy Corporation has a 12-month low of $126.40 and a 12-month high of $278.90.

PrimeEnergy (NASDAQ:PNRG) last issued its earnings results on Wednesday, May 20th. The oil and natural gas company reported $1.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.57 by ($6.75). The business had revenue of $41.31 million for the quarter, compared to analysts’ expectations of $55.00 million. PrimeEnergy had a return on equity of 10.10% and a net margin of 12.06%.

Insider Buying and Selling

In related news, major shareholder Rothschild Robert De sold 13,274 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $231.60, for a total value of $3,074,258.40. Following the sale, the insider owned 187,483 shares in the company, valued at $43,421,062.80. This represents a 6.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Clint Hurt sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $220.44, for a total value of $440,880.00. Following the completion of the sale, the director owned 91,737 shares in the company, valued at approximately $20,222,504.28. This represents a 2.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 25,274 shares of company stock worth $5,824,338. Insiders own 65.28% of the company’s stock.

PrimeEnergy 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.