PrimeEnergy (NASDAQ:PNRG) Downgraded to Strong Sell Rating by Freedom Capital

PrimeEnergy (NASDAQ:PNRG) was downgraded by equities research analysts at Freedom Capital from a “hold” rating to a “strong sell” rating in a report released on Thursday,Zacks.com reports.

Several other research firms have also issued reports on PNRG. Weiss Ratings reaffirmed a “hold (c)” rating on shares of PrimeEnergy in a report on Friday, March 27th. Wall Street Zen upgraded shares of PrimeEnergy from a “hold” rating to a “buy” rating in a research note on Saturday, May 23rd. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce”.

PrimeEnergy Trading Down 7.0%

PNRG opened at $164.62 on Thursday. The firm has a market cap of $266.36 million, a price-to-earnings ratio of 18.37 and a beta of -0.15. PrimeEnergy has a 12 month low of $126.40 and a 12 month high of $278.90. The stock has a fifty day moving average price of $228.85 and a 200-day moving average price of $196.17.

PrimeEnergy (NASDAQ:PNRG) last released its quarterly earnings results on Thursday, April 16th. The oil and natural gas company reported $1.43 EPS for the quarter. The firm had revenue of $50.06 million during the quarter. PrimeEnergy had a return on equity of 10.10% and a net margin of 12.06%.

Insiders Place Their Bets

In related news, Director Clint Hurt sold 10,000 shares of the business’s stock in a transaction on Friday, April 24th. The shares were sold at an average price of $230.92, for a total transaction of $2,309,200.00. Following the completion of the transaction, the director directly owned 93,737 shares in the company, valued at $21,645,748.04. The trade was a 9.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 transaction of $3,074,258.40. Following the completion of the transaction, the insider owned 187,483 shares of the company’s stock, valued at approximately $43,421,062.80. This trade represents a 6.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 25,274 shares of company stock valued at $5,824,338 over the last 90 days. 65.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. State of Wyoming raised its position in shares of PrimeEnergy by 78.7% in the fourth quarter. State of Wyoming now owns 168 shares of the oil and natural gas company’s stock worth $29,000 after acquiring an additional 74 shares during the period. Quarry LP acquired a new position in shares of PrimeEnergy in the third quarter worth about $38,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of PrimeEnergy during the third quarter worth about $44,000. Flagship Harbor Advisors LLC purchased a new stake in shares of PrimeEnergy during the fourth quarter worth about $52,000. Finally, Tower Research Capital LLC TRC increased its stake 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 purchasing an additional 406 shares in 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.