Insider Selling: PrimeEnergy (NASDAQ:PNRG) Director Sells $414,723.37 in Stock

PrimeEnergy Corporation (NASDAQ:PNRG) Director Clint Hurt sold 1,993 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $208.09, for a total transaction of $414,723.37. Following the transaction, the director owned 89,744 shares of the company’s stock, valued at approximately $18,674,828.96. This trade represents a 2.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Clint Hurt also recently made the following trade(s):

• On Tuesday, August 25th, Clint Hurt sold 8,007 shares of PrimeEnergy stock. The shares were sold at an average price of $201.29, for a total value of $1,611,729.03.

PrimeEnergy Stock Performance

Shares of PNRG stock opened at $209.70 on Friday. The stock’s fifty day moving average is $188.62 and its two-hundred day moving average is $203.22. The firm has a market capitalization of $331.33 million, a P/E ratio of 20.20 and a beta of -0.27. PrimeEnergy Corporation has a fifty-two week low of $126.40 and a fifty-two week high of $278.90.

PrimeEnergy (NASDAQ:PNRG) last announced its quarterly earnings data on Friday, August 14th. The oil and natural gas company reported $2.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.90 by ($3.15). The business had revenue of $50.40 million for the quarter, compared to analysts’ expectations of $50.40 million. PrimeEnergy had a net margin of 13.87% and a return on equity of 11.47%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its position in shares of PrimeEnergy by 690.7% during the fourth 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 last quarter. Millennium Management LLC increased its stake in shares of PrimeEnergy by 143.1% during the third 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. JPMorgan Chase & Co. increased its position 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 worth $2,875,000 after purchasing an additional 16,959 shares during the period. Invesco Ltd. grew its holdings in PrimeEnergy by 537.6% during the fourth quarter. Invesco Ltd. now owns 19,950 shares of the oil and natural gas company’s stock worth $3,411,000 after acquiring an additional 16,821 shares during the period. Finally, First Trust Advisors LP increased its holdings in shares of PrimeEnergy by 679.3% in the 1st quarter. First Trust Advisors LP now owns 16,584 shares of the oil and natural gas company’s stock valued at $3,862,000 after purchasing an additional 14,456 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of PrimeEnergy in a report on Wednesday, June 24th. Wall Street Zen lowered shares of PrimeEnergy from a “buy” rating to a “hold” rating in a research note on Sunday, May 31st. Finally, Freedom Capital upgraded PrimeEnergy from a “strong sell” rating to a “hold” rating in a report on Monday, August 17th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of “Hold”.

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.