PrimeEnergy (NASDAQ:PNRG) Releases Quarterly Earnings Results, Misses Expectations By $3.15 EPS

PrimeEnergy (NASDAQ:PNRG) announced its quarterly earnings results on Friday. The oil and natural gas company reported $2.75 EPS for the quarter, missing analysts’ consensus estimates of $5.90 by ($3.15), Zacks reports. PrimeEnergy had a net margin of 12.06% and a return on equity of 10.10%.

PrimeEnergy Stock Performance

Shares of PNRG stock traded up $5.39 on Friday, hitting $200.98. The company’s stock had a trading volume of 44,548 shares, compared to its average volume of 72,097. The stock’s 50 day moving average is $183.01 and its 200-day moving average is $201.26. PrimeEnergy has a fifty-two week low of $126.40 and a fifty-two week high of $278.90. The company has a market capitalization of $325.59 million, a PE ratio of 22.43 and a beta of -0.27.

Institutional Trading of PrimeEnergy

Several hedge funds and other institutional investors have recently bought and sold shares of PNRG. Charles Schwab Investment Management Inc. bought a new stake in shares of PrimeEnergy in the fourth quarter valued at approximately $240,000. Brooklyn Investment Group acquired a new stake in PrimeEnergy during the fourth quarter worth approximately $219,000. Aviva PLC bought a new position in PrimeEnergy during the 4th quarter worth $315,000. PharVision Advisers LLC bought a new position in PrimeEnergy during the 3rd quarter worth $223,000. Finally, Engineers Gate Manager LP acquired a new position in PrimeEnergy in the 2nd quarter valued at $749,000.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports 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. Weiss Ratings reiterated a “hold (c)” rating on shares of PrimeEnergy in a research note on Wednesday, June 24th. Finally, Freedom Capital cut 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 assigned a Sell rating to the stock. According to MarketBeat, PrimeEnergy 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.