PrimeEnergy (NASDAQ:PNRG) Shares Cross Above 200 Day Moving Average – What’s Next?

PrimeEnergy Corporation (NASDAQ:PNRG) shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $162.28 and traded as high as $186.69. PrimeEnergy shares last traded at $179.35, with a volume of 68,615 shares.

Analyst Ratings Changes

PNRG has been the subject of several recent analyst reports. Wall Street Zen raised PrimeEnergy from a “sell” rating to a “hold” rating in a report on Saturday, November 22nd. Weiss Ratings restated a “hold (c)” rating on shares of PrimeEnergy in a report on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold”.

PrimeEnergy Trading Down 1.6%

The business’s 50 day simple moving average is $167.32 and its two-hundred day simple moving average is $162.28. The firm has a market capitalization of $292.34 million, a P/E ratio of 17.16 and a beta of 0.01.

PrimeEnergy (NASDAQ:PNRG) last announced its quarterly earnings results on Wednesday, November 19th. The oil and natural gas company reported $4.38 earnings per share (EPS) for the quarter. PrimeEnergy had a return on equity of 12.19% and a net margin of 12.69%.The firm had revenue of $44.66 million for the quarter.

Insider Activity

In related news, Director Clint Hurt sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $190.20, for a total transaction of $951,000.00. Following the completion of the sale, the director directly owned 120,763 shares in the company, valued at approximately $22,969,122.60. The trade was a 3.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 10,000 shares of company stock valued at $1,901,536 over the last quarter. Company insiders own 62.77% of the company’s stock.

Institutional Trading of PrimeEnergy

Hedge funds and other institutional investors have recently modified their holdings of the company. Strs Ohio bought a new position in shares of PrimeEnergy in the first quarter worth about $501,000. Aviva PLC purchased a new position in shares of PrimeEnergy during the second quarter valued at approximately $281,000. Marex Group plc bought a new position in shares of PrimeEnergy in the second quarter worth about $1,317,000. Wittenberg Investment Management Inc. purchased a new position in PrimeEnergy during the 2nd quarter worth $439,000. Finally, Magnetar Financial LLC bought a new stake in shares of PrimeEnergy in the 2nd quarter valued at about $298,000.

About PrimeEnergy

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.