Barnwell Industries (NYSE:BRN) Stock Price Up 10.6% – Time to Buy?

Barnwell Industries, Inc. (NYSE:BRN)’s stock price traded up 10.6% on Thursday . The company traded as high as $1.14 and last traded at $1.1050. 362,043 shares changed hands during mid-day trading, an increase of 110% from the average session volume of 172,529 shares. The stock had previously closed at $0.9990.

Barnwell Industries Trading Up 10.6%

The firm has a market cap of $13.85 million, a PE ratio of -1.62 and a beta of -0.23. The business’s 50-day simple moving average is $1.09 and its 200 day simple moving average is $1.16.

Insider Buying and Selling at Barnwell Industries

In related news, Director Joshua Horowitz purchased 45,000 shares of the business’s stock in a transaction dated Monday, November 24th. The shares were acquired at an average cost of $1.10 per share, for a total transaction of $49,500.00. Following the acquisition, the director owned 315,276 shares of the company’s stock, valued at $346,803.60. The trade was a 16.65% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Philip F. Patman, Jr. purchased 43,796 shares of the business’s stock in a transaction dated Monday, November 24th. The stock was bought at an average price of $1.10 per share, for a total transaction of $48,175.60. Following the completion of the acquisition, the vice president directly owned 210,211 shares in the company, valued at approximately $231,232.10. This trade represents a 26.32% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders purchased 162,922 shares of company stock valued at $179,214. 17.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Barnwell Industries

A hedge fund recently bought a new stake in Barnwell Industries stock. Aspen Grove Capital LLC bought a new position in Barnwell Industries, Inc. (NYSE:BRN) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 26,000 shares of the company’s stock, valued at approximately $29,000. Aspen Grove Capital LLC owned approximately 0.21% of Barnwell Industries as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors own 40.71% of the company’s stock.

About Barnwell Industries

Barnwell Industries, Inc (NYSE: BRN) is an independent energy company headquartered in Houston, Texas. The company specializes in the acquisition, development and operation of onshore oil and natural gas properties. Its strategy centers on purchasing and managing producing assets that offer stable, cash‐flow characteristics in mature U.S. resource plays.

Barnwell’s core activities include the identification and evaluation of undervalued or under-drilled leases, followed by the implementation of low-cost development programs to enhance production.