PrimeEnergy Corporation (NASDAQ:PNRG) Short Interest Up 22.8% in December

PrimeEnergy Corporation (NASDAQ:PNRG) was the recipient of a large growth in short interest during the month of December. As of December 31st, there was short interest totaling 59,327 shares, a growth of 22.8% from the December 15th total of 48,325 shares. Currently, 9.7% of the shares of the company are sold short. Based on an average daily trading volume, of 58,442 shares, the days-to-cover ratio is currently 1.0 days. Based on an average daily trading volume, of 58,442 shares, the days-to-cover ratio is currently 1.0 days. Currently, 9.7% of the shares of the company are sold short.

Insider Activity at PrimeEnergy

In other news, Director Clint Hurt sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $190.20, for a total transaction of $951,000.00. Following the completion of the transaction, the director directly owned 120,763 shares in the company, valued at $22,969,122.60. The trade was a 3.98% decrease in their ownership of the stock. The sale 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 8,700 shares of the firm’s stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $182.85, for a total transaction of $1,590,795.00. Following the completion of the sale, the insider owned 222,057 shares in the company, valued at approximately $40,603,122.45. The trade was a 3.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 18,700 shares of company stock worth $3,492,331. Company insiders own 62.77% of the company’s stock.

Hedge Funds Weigh In On PrimeEnergy

Several institutional investors and hedge funds have recently made changes to their positions in PNRG. State of Wyoming increased its position in shares of PrimeEnergy by 62.7% in the 2nd quarter. State of Wyoming now owns 423 shares of the oil and natural gas company’s stock valued at $62,000 after buying an additional 163 shares in the last quarter. Quarry LP acquired a new position in shares of PrimeEnergy in the third quarter valued at approximately $38,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of PrimeEnergy in the third quarter valued at approximately $44,000. CWM LLC increased its position in shares of PrimeEnergy by 673.6% during the third quarter. CWM LLC now owns 410 shares of the oil and natural gas company’s stock worth $68,000 after acquiring an additional 357 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in shares of PrimeEnergy by 571.8% during the second quarter. Tower Research Capital LLC TRC now owns 477 shares of the oil and natural gas company’s stock worth $70,000 after acquiring an additional 406 shares during the period.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of PrimeEnergy in a research report on Monday, December 29th. Wall Street Zen upgraded PrimeEnergy from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, PrimeEnergy has an average rating of “Hold”.

PrimeEnergy Stock Down 1.2%

PNRG traded down $2.00 during midday trading on Monday, reaching $169.30. 31,106 shares of the company’s stock were exchanged, compared to its average volume of 60,467. The business has a 50-day simple moving average of $169.61 and a two-hundred day simple moving average of $162.78. PrimeEnergy has a one year low of $126.40 and a one year high of $239.87. The firm has a market capitalization of $275.96 million, a price-to-earnings ratio of 16.20 and a beta of 0.01.

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

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.