PrimeEnergy (NASDAQ:PNRG) Share Price Crosses Above 200 Day Moving Average – Time to Sell?

Shares of PrimeEnergy Corporation (NASDAQ:PNRG) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $203.87 and traded as high as $223.55. PrimeEnergy shares last traded at $216.04, with a volume of 75,614 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have commented on PNRG shares. Wall Street Zen downgraded shares of PrimeEnergy from a “buy” rating to a “hold” rating in a research report on Sunday, May 31st. Freedom Capital upgraded shares of PrimeEnergy from a “strong sell” rating to a “hold” rating in a research note on Monday, August 17th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of PrimeEnergy in a report on Wednesday, June 24th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold”.

PrimeEnergy Stock Performance

The firm has a market cap of $338.72 million, a P/E ratio of 20.65 and a beta of -0.24. The company has a 50-day moving average of $191.97 and a 200 day moving average of $204.18.

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

Insider Buying and Selling at PrimeEnergy

In other news, Director Clint Hurt sold 8,007 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $201.29, for a total value of $1,611,729.03. Following the sale, the director directly owned 81,737 shares of the company’s stock, valued at approximately $16,452,840.73. This represents a 8.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 65.28% of the stock is owned by corporate insiders.

Institutional Trading of PrimeEnergy

A number of hedge funds have recently made changes to their positions in PNRG. State of Wyoming raised its stake in PrimeEnergy by 78.7% in the 4th quarter. State of Wyoming now owns 168 shares of the oil and natural gas company’s stock valued at $29,000 after acquiring an additional 74 shares during the period. Janney Montgomery Scott LLC boosted its position in PrimeEnergy by 1.5% during the first quarter. Janney Montgomery Scott LLC now owns 8,061 shares of the oil and natural gas company’s stock worth $1,877,000 after purchasing an additional 121 shares during the period. Barclays PLC boosted its holdings in shares of PrimeEnergy by 33.8% during the 4th quarter. Barclays PLC now owns 637 shares of the oil and natural gas company’s stock worth $109,000 after buying an additional 161 shares during the period. Marex Group plc grew its stake in PrimeEnergy by 2.1% in the 4th quarter. Marex Group plc now owns 9,496 shares of the oil and natural gas company’s stock valued at $1,624,000 after buying an additional 196 shares during the last quarter. Finally, Wells Fargo & Company MN grew its stake in PrimeEnergy by 74.8% in the 4th quarter. Wells Fargo & Company MN now owns 479 shares of the oil and natural gas company’s stock valued at $82,000 after buying an additional 205 shares during the last quarter.

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.