PrimeEnergy (NASDAQ:PNRG) Releases Earnings Results, Misses Estimates By $6.75 EPS

by · The Cerbat Gem

PrimeEnergy (NASDAQ:PNRG – Get Free Report) posted its quarterly earnings data on Wednesday. The oil and natural gas company reported $1.82 earnings per share for the quarter, missing analysts’ consensus estimates of $8.57 by ($6.75), Zacks reports. PrimeEnergy had a net margin of 13.92% and a return on equity of 12.53%.

PrimeEnergy Stock Down 4.3%

NASDAQ:PNRG opened at $253.39 on Wednesday. The company has a market cap of $409.99 million, a P/E ratio of 23.33 and a beta of -0.15. The firm’s 50 day moving average is $225.53 and its two-hundred day moving average is $191.24. PrimeEnergy has a fifty-two week low of $126.40 and a fifty-two week high of $278.90.

Analyst Upgrades and Downgrades

PNRG has been the subject of several analyst reports. Wall Street Zen downgraded PrimeEnergy from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of PrimeEnergy in a research report on Friday, March 27th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has a consensus rating of “Hold”.

Check Out Our Latest Report on PrimeEnergy

Insiders Place Their Bets

In other PrimeEnergy news, Director Clint Hurt sold 2,000 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $220.44, for a total transaction of $440,880.00. Following the completion of the sale, the director owned 91,737 shares of the company’s stock, valued at approximately $20,222,504.28. The trade was a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Rothschild Robert De sold 13,274 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $43,421,062.80. This represents a 6.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 25,274 shares of company stock valued at $5,824,338. Insiders own 65.28% of the company’s stock.

Institutional Trading of PrimeEnergy

A number of institutional investors have recently modified their holdings of the company. AQR Capital Management LLC raised its stake in shares of PrimeEnergy by 286.2% in 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 period. Empowered Funds LLC boosted its position 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 worth $1,971,000 after purchasing an additional 541 shares during the period. Rhumbline Advisers increased its holdings in PrimeEnergy by 99.3% in the 2nd quarter. Rhumbline Advisers now owns 1,373 shares of the oil and natural gas company’s stock valued at $201,000 after purchasing an additional 684 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in PrimeEnergy by 16.5% in 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 purchasing an additional 2,374 shares in the last quarter. Finally, Qube Research & Technologies Ltd purchased a new position in PrimeEnergy in the second quarter valued at about $1,894,000.

PrimeEnergy Company Profile

(Get Free Report)

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.

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