PrimeEnergy Corporation $PNRG Shares Bought by First Trust Advisors LP

First Trust Advisors LP boosted its stake in PrimeEnergy Corporation (NASDAQ:PNRG) by 679.3% in the first quarter, Holdings Channel.com reports. The fund owned 16,584 shares of the oil and natural gas company’s stock after buying an additional 14,456 shares during the quarter. First Trust Advisors LP’s holdings in PrimeEnergy were worth $3,862,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mangrove Partners IM LLC purchased a new stake in shares of PrimeEnergy in the fourth quarter valued at about $735,000. State of Alaska Department of Revenue purchased a new stake in shares of PrimeEnergy in the fourth quarter valued at approximately $636,000. UBS Group AG grew its stake in shares of PrimeEnergy by 21.1% during the 4th quarter. UBS Group AG now owns 13,823 shares of the oil and natural gas company’s stock worth $2,364,000 after purchasing an additional 2,411 shares during the period. Wittenberg Investment Management Inc. grew its position in PrimeEnergy by 59.6% during the fourth quarter. Wittenberg Investment Management Inc. now owns 2,075 shares of the oil and natural gas company’s stock worth $355,000 after buying an additional 775 shares during the period. Finally, Flagship Harbor Advisors LLC acquired a new stake in shares of PrimeEnergy in the 4th quarter worth approximately $52,000.

PrimeEnergy Price Performance

NASDAQ:PNRG opened at $186.69 on Thursday. PrimeEnergy Corporation has a 1-year low of $126.40 and a 1-year high of $278.90. The firm has a 50-day moving average of $181.06 and a two-hundred day moving average of $200.37. The stock has a market cap of $302.44 million, a P/E ratio of 20.84 and a beta of -0.27.

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

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Freedom Capital downgraded shares of PrimeEnergy from a “hold” rating to a “strong sell” rating in a report on Thursday, May 28th. Wall Street Zen downgraded PrimeEnergy from a “buy” rating to a “hold” rating in a research report on Sunday, May 31st. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of PrimeEnergy in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce”.

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.