PrimeEnergy Corporation (NASDAQ:PNRG) Sees Large Growth in Short Interest

PrimeEnergy Corporation (NASDAQ:PNRG) was the recipient of a large increase in short interest in May. As of May 29th, there was short interest totaling 81,558 shares, an increase of 60.2% from the May 14th total of 50,912 shares. Based on an average daily trading volume, of 65,731 shares, the days-to-cover ratio is presently 1.2 days. Currently, 14.5% of the shares of the company are short sold.

Insider Buying and Selling

In other news, major shareholder Rothschild Robert De sold 13,274 shares of the stock in a transaction on 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 in the company, valued at approximately $43,421,062.80. This represents a 6.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Clint Hurt sold 10,000 shares of the business’s stock in a transaction dated 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 owned 93,737 shares in the company, valued at $21,645,748.04. The trade was a 9.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 25,274 shares of company stock valued at $5,824,338 over the last three months. Insiders own 65.28% of the company’s stock.

Hedge Funds Weigh In On PrimeEnergy

Several institutional investors have recently bought and sold shares of PNRG. AQR Capital Management LLC raised its holdings in PrimeEnergy by 286.2% during 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 buying an additional 5,111 shares during the period. Empowered Funds LLC grew its holdings 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 valued at $1,971,000 after purchasing an additional 541 shares during the last quarter. Rhumbline Advisers grew its holdings in PrimeEnergy by 99.3% during 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 during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in PrimeEnergy by 16.5% during 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 during the last quarter. Finally, Qube Research & Technologies Ltd bought a new position in shares of PrimeEnergy during the second quarter valued at approximately $1,894,000.

Analyst Ratings Changes

PNRG has been the topic of several analyst reports. Wall Street Zen downgraded shares of PrimeEnergy from a “buy” rating to a “hold” rating in a report on Sunday, May 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of PrimeEnergy in a report on Friday, March 27th. Finally, Freedom Capital downgraded shares of PrimeEnergy from a “hold” rating to a “strong sell” rating in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, PrimeEnergy currently has a consensus rating of “Reduce”.

PrimeEnergy Stock Down 0.9%

Shares of PrimeEnergy stock opened at $176.50 on Wednesday. The firm has a market cap of $285.58 million, a price-to-earnings ratio of 19.70 and a beta of -0.24. The business has a 50-day moving average price of $218.45 and a 200-day moving average price of $199.51. PrimeEnergy has a twelve month low of $126.40 and a twelve month high of $278.90.

PrimeEnergy (NASDAQ:PNRG) last issued its quarterly earnings data on Wednesday, May 20th. 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). The firm had revenue of $41.31 million for the quarter, compared to analysts’ expectations of $55.00 million. PrimeEnergy had a net margin of 12.06% and a return on equity of 10.10%.

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.